Nigeria recorded a trade surplus of $480 million in January 2026, representing a 220 per cent increase from the $150 million surplus posted in December 2025, according to the Central Bank of Nigeria, (CBN).
The apex bank disclosed this in its January monthly economic report, attributing the growth to stronger export earnings driven mainly by crude oil, gas and refined petroleum products.
According to the report, export receipts rose by 4.46 per cent to $4.68 billion during the period under review, while import bills also increased by three per cent to $4.77 billion.
The CBN stated, “transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts.
“Provisional data indicated that the trade surplus rose to $480 million from $150 million in the preceding month.”
The bank explained that the improved trade performance was largely supported by increased petroleum exports.
“The higher surplus was driven by the 4.46 per cent increase in export to $4.68 billion, following the increase in the export of petroleum products,” the report added.
The report further showed that crude oil, gas and refined petroleum products accounted for 83.12 per cent of the country’s total export earnings during the month.
On imports, non-oil products dominated the import bill, accounting for 86.43 per cent of total imports.
Providing further breakdown, the CBN said aggregate oil export earnings rose by 7.46 per cent to $3.89 billion from $3.62 billion recorded in December 2025.
It stated, “Aggregate receipts from oil exports rose by 7.46 per cent to $3.89 billion from $3.62 billion, due largely to the increase in crude oil export receipts.”
The bank added that crude oil export earnings stood at $2.47 billion, while gas export earnings increased to $750 million during the review period.
The report noted that rising crude oil prices caused by supply disruptions in the international market contributed significantly to the increase in export earnings.
Despite the strong oil performance, non-oil export earnings declined to $800 million, representing a 5.88 per cent drop compared to the previous month.
According to the CBN, the decline was linked to reduced earnings from agricultural exports, particularly cocoa beans, following improved weather conditions across West Africa which boosted harvests and pressured prices downward.
“At US$800 million, non-oil export earnings fell by 5.88 per cent relative to the level in the preceding month,” the report stated.
