June 29, 2026/Coronation Update
Summary
Data released by the National Bureau of Statistics (NBS) revealed that Nigeria’s external trade position strengthened significantly in Q1’26, as stronger export earnings and a sharp moderation in imports widened the merchandise trade surplus to N7.55tn, representing a 340.9% q/q increase from N1.71tn in Q4’25.
The surplus represents one of the strongest quarterly trade performances in recent years and provides a supportive backdrop for foreign exchange inflows, external reserve accretion, and exchange rate stability. Total exports rose to N21.17tn, up 2.8% y/y and 11.6% q/q, while imports declined to N13.62tn, down 18.2% y/y and 21.1% q/q.
The improvement in the trade balance was largely driven by higher crude oil export earnings and a substantial reduction in petroleum product imports, reflecting the growing contribution of domestic refining capacity to import substitution.
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