Nigeria recorded a massive 91 per cent year-on-year surge in trade surplus, reaching N7.55 trillion in the first quarter of 2026, according to the National Bureau of Statistics (NBS).
The impressive performance was driven by a sharp 18.6 per cent drop in imports coupled with a modest 2.77 per cent rise in exports. Total trade volume for the period stood at N34.79 trillion. Key export commodities remained crude oil and natural gas, with India, France, and the Netherlands emerging as the top trading partners.
This strong trade balance offers a much-needed boost to the Nigerian economy as it navigates global oil market fluctuations and domestic reforms. Economists say the reduced import bill reflects improved local production in some sectors and cautious spending amid high inflation. However, heavy reliance on oil exports continues to expose the economy to external shocks. The figures may ease pressure on foreign reserves and support the naira in the coming months.
Stakeholders have called for sustained diversification efforts to build on this momentum and reduce vulnerability. The positive data comes as the government pushes various economic recovery initiatives.
