National Bureau of Statistics (NBS) says the country recorded a total of N34.78 trillion worth of foreign trade in the first quarter (Q1) of 2026, while exports accounted for 60.85 per cent total trade with a value of N21.16 trillion.

The figure represents an increase of 2.77 per cent over the value recorded in the corresponding quarter of 2025 (N20.59 trillion) and an increase of 11.63 per cent compared to the value recorded in Q4 2025 (N18.96 trillion).

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The NBS report indicated that the country’s imports accounted for 39.15 per cent of total trade in the first quarter of 2026, with a value of N13.61 trillion, representing a 18.17 per cent decrease compared to N16.64 trillion recorded in Q1 2025, and 21.05 per cent decrease from N17.25 trillion recorded in Q4 2025.

The report also indicate that crude oil remained Nigeria’s major exported commodity in the first quarter of 2026 with a value of N11.2 trillion, representing 52.92 per cent of total exports.

The value of non-crude oil exports stood at N9.96 trillion, accounting for 47.08 per cent of total exports; of which non-oil products contributed N3.18 trillion or 15.05 per cent of total exports.

The NBS noted 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.

“The value of agricultural goods imported in Q1 2026 stood at N827.72bn, representing a 20.09% decrease compared to N1.03tr recorded in Q1 2025, and a 42.39% decrease relative to N1.43tr recorded in Q4 2025.

It added that the import value of raw material goods was N1.58 trillion, representing a 12.63 per cent decrease from N1.81 trillion in Q1 2025, and a 32.72 per cent decrease compared to N2,35 trillion in the preceding quarter (Q4 2025).

On export, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America, while the most exported commodities were crude oil, natural gas, Urea, whether or not in aqueous solution, other petroleum gases in a gaseous state, and Kerosene type jet fuel.

It disclosed that exports of agricultural goods in the period under review amounted to N1.17 trillion, representing a 31.20 per cent decline from N1.70 trillion in Q1 2025 and 11.39 per cent decrease from N1.32 trillion in Q4 2025.