By Yinka Kolawole
The Nigerian Economic Summit Group, NESG, has warned that export rerouting through neighbouring countries is undermining Nigeria’s trade competitiveness and depriving the economy of significant domestic value, despite the country’s impressive N7.55 trillion trade surplus recorded in the first quarter of 2026.
The warning comes as data from the National Bureau of Statistics, NBS, showed that Nigeria’s total merchandise trade rose to N34.79 trillion in Q1 2026, with exports valued at N21.17 trillion and imports at N13.62 trillion, resulting in a positive trade balance of N7.55 trillion.
While describing the surplus as encouraging, NESG cautioned that headline trade figures do not tell the full story, stressing that Nigeria continues to lose substantial economic benefits when locally produced goods are exported through neighbouring countries before reaching their final destinations.
Export rerouting happens when goods produced in one country are moved through another country before they reach buyers.
