Nigeria Records Improved Trade Balance in Q1 2026
… Achieves Higher Exports and Lower Imports
Nigeria’s total imports value stood at ₦13,619.33billion in the first quarter of 2026, representing a 18.17% decrease from the value recorded in the corresponding quarter of 2025 (₦16,644.42billion) and a 21.05% decrease compared to the value recorded in Q4 2025 (₦17,250.93 billion).
The National Bureau Statistics(NBS) has said in its latest report on foreign trade.
Analysis of Nigeria’s import trade reveals that China remained the leading
source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates.
The most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images,
or data, and used vehicles with diesel or semi-diesel engines.
According to the report, the value of agricultural goods imported in Q1 2026 stood at ₦827.72billion, representing a 20.09% decreasecompared to ₦1,035.81billion recorded in Q1 2025, and a 42.39% decrease relative to ₦1,436.65 billion recorded in Q4 2025.
The report further said in the same period, the import value of raw material goods was₦1,582.36billion, representing a 12.63% decrease from ₦1,811.10billion in
Q1 2025, and a 32.72% decrease compared to ₦2,351.88 billion in the
preceding quarter (Q4 2025).
In the first quarter of 2026, solid mineral imports were valued at ₦69.75billion, representing a 24.00% decrease from ₦91.78billion in Q1 2025 and 50.53% decrease compared to ₦140.99 billion recorded in Q4 2025.
Still in the same period, the value of imported manufactured goods stood at ₦8,484.37billion,reflecting a 12.94% increase from ₦7,512.22billion in Q1
2025, and a 3.62% decrease from ₦8,803.27 billion recorded in Q4 2025.
The data also highlights the value of other oil products imported in Q1 2026 which stood at ₦748.10billion,
reflecting a 85.05% decrease from ₦5,005.22billion in Q1 2025 and a 81.38% decrease from ₦4,018.31 billion recorded in Q4 2025.
