June 9, 2026/Cordros Update

According to the National Bureau of Statistics (NBS), Nigeria’s total foreign trade in goods moderated by 6.6% y/y to NGN34.79 trillion in Q1-26 (Q1-25: NGN37.24 trillion | Q4-25: NGN36.21 trillion).

The trade balance widened to NGN7.55 trillion in Q1-26 (Q1-25: NGN3.95 trillion | Q4-25: NGN1.71 trillion), underpinned by a 2.8% y/y rise in exports (NGN21.17 trillion vs Q1-25: NGN20.60 trillion | Q4-25: NGN18.96 trillion) and an 18.2% y/y drop in imports (NGN13.62 trillion vs Q1-25: NGN16.64 trillion | Q4-25: NGN17.25 trillion).

Across traded products, exports were led by crude oil (52.9%), other petroleum products (32.0%), raw materials (7.3%), agricultural goods (5.5%), and manufactured goods (1.4%). On the other hand, imports were dominated by manufactured goods (62.3%), crude oil (14.0%), raw materials (11.6%), agricultural goods (6.1%), and other petroleum products (5.5%).

India, France, the Netherlands, Spain, and the United States were the top export destinations. At the same time, China, the United States, India, Germany, and the United Arab Emirates were the leading import partners.