Nigeria’s foreign trade surplus jumped by 341% to reach a record ₦7.55 trillion in the first three months of the year, powered by a massive drop in foreign fuel bills and rising domestic manufacturing alternatives. The official “Foreign Trade in Goods” report, published by the National Bureau of Statistics (NBS) on Monday, June 8, 2026, shows that total trade for the quarter stood at ₦34.79 trillion.
The structural rebalancing of the economy saw total export values climb to ₦21.17 trillion, accounting for more than 60% of all national trade. Conversely, the country’s overall import bill dropped sharply to ₦13.62 trillion, representing an 18% decline compared to the same period last year as foreign exchange pressures and shifting consumption patterns reshaped local market demand.
The defining factor behind this fiscal turnaround is the near-total collapse of the country’s dependence on foreign fuel. Spending on imported petrol plummeted by a staggering 96%, dropping from ₦2.27 trillion in early 2025 to just ₦87.4 billion in the first quarter of 2026. This ₦2 trillion reduction marks the lowest quarterly fuel import expense recorded in over four years, reflecting the operational impact of domestic refineries supplying the local market.
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Crude oil remains the primary driver of national export revenue, generating ₦11.20 trillion and representing nearly 53% of all outward shipments, with India, France, and Spain emerging as the top international buyers. On the inbound side, machinery, transport equipment, and industrial components dominated the numbers, with China maintaining its position as Nigeria’s largest import origin.
The data also reveals a shift in maritime freight logistics, with sea transport handling over 99% of all outbound shipments. Operational oversight teams at major terminals are currently reviewing cargo handling schedules to accommodate these changing trade balances, as the traditional reliance on inbound fuel tankers gives way to broader commercial shipping activities.
