Despite Decline to N34.79tn, Foreign Trade Records N7.55tn Surplus Amid Lower Import Bill in Q1

• Crude oil remains country’s dominant export commodity with N11.20 trillion contribution, agricultural exports fall by 11.39%

•India emerges Nigeria’s major trade partner

James Emejo in Abuja

Nigeria’s total external merchandise trade dropped to N34.79 trillion in the first half of the year (Q1 2026) compared to N36.21 trillion in the preceding quarter, National Bureau of Statistics (NBS) said yesterday.

The performance was driven by N21.17 trillion exports and imports amounting to N13.62 trillion, leading to a positive trade balance of N7.55 trillion, an increase of 340.88 per cent compared to N1.71 trillion in the preceding quarter.