By David Akinmola
Nigeria’s foreign trade surplus surged by 341 per cent to N7.55 trillion in the first quarter of 2026, underscoring the growing contribution of exports to the country’s external sector and strengthening hopes of improved foreign exchange earnings amid ongoing economic reforms.
The sharp increase in the trade balance was driven by a significant rise in export earnings, particularly from crude oil and non-oil exports, while imports grew at a relatively slower pace during the period.
Latest foreign trade statistics showed that total exports continued to outpace imports, resulting in one of the strongest quarterly trade performances recorded in recent years.
The development comes as policymakers intensify efforts to diversify export earnings, improve foreign exchange inflows and reduce pressure on the naira through increased production and export-oriented investments.
Economic analysts said the substantial rise in the trade surplus reflects the impact of higher export receipts, improved crude oil production levels and the gradual expansion of non-oil export activities.
According to them, a sustained trade surplus could provide support for external reserves, enhance foreign exchange liquidity and strengthen investor confidence in the economy.
The country’s total merchandise trade remained robust during the quarter, with exports accounting for a significant share of overall trade activities.
Crude oil remained the dominant export commodity, although non-oil exports also recorded growth as manufacturers and agricultural exporters sought to take advantage of regional and international market opportunities.
Analysts noted that the improvement in the trade balance comes at a crucial period when the government is seeking to boost economic growth, stabilise the exchange rate and attract foreign investment.
They, however, cautioned that sustaining the momentum would depend on continued improvements in oil production, infrastructure development, trade facilitation and the expansion of value-added exports.
The performance is expected to provide a positive signal to investors and international partners regarding the resilience of Nigeria’s external sector despite global economic uncertainties and volatility in commodity markets.
Market observers also said the strong trade position could strengthen Nigeria’s balance of payments outlook and provide additional buffers against external shocks if export growth is maintained throughout the year.
As the government pursues policies aimed at diversifying the economy and reducing dependence on oil revenues, stakeholders believe that expanding non-oil exports and improving competitiveness will remain critical to sustaining trade gains and long-term economic stability.
