Nigeria's Trade Surplus Soars to $480 Million in January

Nigeria recorded a significant trade surplus of $480 million in January 2026, marking a substantial 220 percent increase month-on-month compared to the $150 million surplus reported in December 2025. This positive economic shift was primarily fueled by a 4.46 percent rise in export receipts, which reached an impressive $4.68 billion, largely driven by the robust performance of petroleum products.

The Central Bank of Nigeria (CBN) revealed these figures in its January Monthly Economic Report. The report highlighted that while export earnings experienced a boost, import bills also saw an increase of 3.0 percent, totaling $4.77 billion. Oil and gas products were the dominant contributors to total export receipts, accounting for 83.12 percent.

According to the CBN, "Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts." The report further detailed that crude oil, gas, and refined petroleum products collectively represented 83.12 percent of the total export earnings, with non-oil exports contributing the remaining balance.

Regarding imports, non-oil products made up the majority at 86.43 percent, while oil imports constituted the rest. Aggregate receipts from oil exports climbed by 7.46 percent, moving from $3.62 billion to $3.89 billion, a rise attributed largely to an increase in crude oil export receipts. Crude oil export receipts, for instance, stood at $2.47 billion. The report indicated this was an increase from the $2.72 billion recorded in the previous month, a development attributed to higher average crude oil prices stemming from supply disruptions. Similarly, earnings from gas exports also saw an increase, reaching $750 million, up from $720 million in the prior period.

Conversely, non-oil export earnings experienced a moderation during the review period. They fell by 5.88 percent to $800 million compared to the previous month. This decline was primarily due to reduced earnings from agricultural products, particularly cocoa beans, as improved weather conditions positively impacted West African harvest prospects, leading to a fall in prices.