• Crude oil remains country’s dominant export commodity with N11.20 trillion contribution, agricultural exports fall by 11.39%
•India emerges Nigeria’s major trade partner
James Emejo in Abuja
Nigeria’s total external merchandise trade dropped to N34.79 trillion in the first half of the year (Q1 2026) compared to N36.21 trillion in the preceding quarter, National Bureau of Statistics (NBS) said yesterday.
The performance was driven by N21.17 trillion exports and imports amounting to N13.62 trillion, leading to a positive trade balance of N7.55 trillion, an increase of 340.88 per cent compared to N1.71 trillion in the preceding quarter.
According to the Foreign Trade in Goods Statistics (Q1 2026), released by NBS, that reflected the effect of rising export earnings and a substantial reduction in the country’s import bill.
Exports accounted for 60.85 per cent of total trade in the review period, rising 11.63 per cent compared to N18.96 trillion in Q4 2025, and by 2.77 per cent compared to N20.60 trillion in the corresponding quarter of 2025.
Imports declined sharply to N13.62 trillion, from N17.25 trillion in the preceding quarter, and N16.64 trillion in Q1 2025.
According to NBS, the improved trade balance was largely attributable to a significant decline in petroleum product imports and increased crude oil exports during the quarter.
But crude oil remained the country’s dominant export commodity, contributing 52.92 per cent, amounting to N11.20 trillion in Q1.
Non-crude oil exports stood at N9.97 trillion, representing 47.08 per cent of total exports, while non-oil products contributed N3.19 trillion or 15.05 per cent of export earnings.
Other oil product exports also strengthened considerably, rising to N6.78 trillion from N4.48 trillion in the corresponding period of 2025, representing a year-on-year increase of 51.49 per cent.
India emerged as Nigeria’s largest export market with goods valued at N2.77 trillion, accounting for 13.09 per cent of total exports. It was followed by France with N1.97 trillion or 9.29 per cent, the Netherlands N1.95 trillion or 9.22 per cent, Spain N1.63 trillion or 7.68 per cent, and the United States N1.18 trillion or 5.56 per cent.
Collectively, the five countries accounted for 44.84 per cent of Nigeria’s total exports during the quarter.
Exports by region showed that Europe remained the largest destination for Nigerian goods, receiving exports worth N7.93 trillion or 37.44 per cent of total exports.
Asia followed with N6.42 trillion or 30.31 per cent, while exports to Africa stood at N4.06 trillion or 19.19 per cent of total exports.
Of the exports to Africa, shipments to ECOWAS countries were valued at N2.20 trillion, representing 54.21 per cent of the country’s exports to the continent.
Exports to Africa stood at N4.06 trillion compared to imports of N654.94 billion.
The country’s leading export markets within Africa were Togo with N1.08 trillion, South Africa N887.13 billion, Côte d’Ivoire N505.22 billion, Egypt N363.18 billion, and Senegal N351.87 billion.
Petroleum products dominated exports to the continent, with crude oil accounting for N1.87 trillion, gas oil N625.45 billion, and kerosene-type jet fuel N539.15 billion.
On the import side, Nigeria sourced most of its goods from Asia, which accounted for N7.55 trillion or 55.45 per cent of total imports.
Imports from the Americas stood at N3.24 trillion or 23.76 per cent, while Europe accounted for N2.10 trillion or 15.39 per cent. Imports from African countries amounted to N654.94 billion, representing 4.81 per cent of total imports.
China maintained Nigeria’s largest import partner with goods valued at N5.10 trillion, representing 37.42 per cent of total imports.
The United States followed with N2.81 trillion or 20.60 per cent, while imports from India stood at N992.87 billion.
Germany and the United Arab Emirates accounted for N390.35 billion and N222.47 billion, respectively.
The report further showed that machinery and transport equipment remained Nigeria’s largest import category, valued at N5.01 trillion and accounting for 36.79 per cent of total imports.
Mineral fuels followed with N2.65 trillion, while chemicals and related products accounted for N2.02 trillion.
Among the most imported commodities were crude petroleum oils, gas oil, durum wheat, telecommunications equipment, and used diesel-powered vehicles.
Exports of agricultural goods in the period under review amounted to N1.17 trillion, representing 11.39 per cent decrease from N1.32 trillion in Q4 2025 as well as 31.20 per cent decline compared to N1.70 trillion in Q1 2025, driven largely by cocoa beans, sesame seeds, soya beans and cashew nuts. Agricultural imports also declined by 20.09 per cent to N827.72 billion.
Meanwhile, raw material exports rose sharply by 46.83 per cent to N1.53 trillion, while solid mineral exports increased by 74.63 per cent year-on-year to N102.80 billion.
The report further showed that Nigeria’s trade activities continued to be dominated by maritime transportation, which accounted for 99.07 per cent of exports and 92.93 per cent of imports.
Apapa Port remained the country’s busiest trade gateway, handling exports valued at N15.48 trillion or 73.14 per cent of total exports, while also processing imports worth N4.92 trillion. Lekki Deep Sea Port followed with exports valued at N3.29 trillion and imports amounting to N2.51 trillion.
