Nigeria’s total merchandise exports rose sharply in the first quarter of 2026, marking the first year-over-year increase in Q1 exports since 2022, as a surge in petroleum-products exports more than offset declines in crude oil and gas exports.
Total exports on a free-on-board (FOB) basis reached $15.49 billion in Q1 2026, up 11.3 percent from $13.92 billion in the same period of 2025, according to the data. The increase reverses three consecutive years of Q1 declines, with exports falling from $17.31 billion in Q1 2022 to $14.39 billion in 2023, $14.20 billion in 2024 and $13.92 billion in 2025.
The rebound is particularly notable because it did not come from higher crude oil exports. Instead, the biggest boost came from petroleum products, signalling a significant shift in the composition of Nigeria’s export earnings.
Petroleum products emerge as the standout driver
Petroleum-products exports jumped to $2.37 billion in Q1 2026 from just $270.92 million a year earlier, an increase of about 773 percent.
