Nigeria recorded a total merchandise trade value of N34.78 trillion in the first quarter of 2026, according to the National Bureau of Statistics (NBS).
The report shows that exports stood at N21.17 trillion, representing 60.85% of total trade, with crude oil continuing to dominate Nigeria’s export basket. Non-crude oil and non-oil products also contributed to export performance during the period.
Imports were valued at N13.62 trillion, accounting for 39.15% of total trade. The NBS noted a decline in import levels compared to both the previous quarter and the same period last year.
Overall, Nigeria recorded a positive trade balance of N7.55 trillion in Q1 2026, supported by stronger export performance and reduced import volumes.
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