Nigeria’s Non-Oil Exports Reach N3.19 Trillion in Q1 2026, Driving Trade Surplus

Nigeria’s non-oil exports rose to N3.19 trillion in the first quarter of 2026, marking a steady step toward a more diversified export economy. Data from the National Bureau of Statistics (NBS) show this figure is up from N3.15 trillion in the previous quarter and N3.17 trillion in Q1 2025, reflecting gradual but consistent growth.

The increase in non-oil exports complemented strong crude oil shipments, helping to lift total exports to N21.17 trillion while imports fell to N13.62 trillion. This dynamic pushed Nigeria’s overall merchandise trade to N34.79 trillion, with exports accounting for more than 60% of total trade and the country posting a trade surplus of N7.55 trillion, up over 340% from the previous quarter.

Key Drivers and Products

Non-oil exports accounted for roughly 15% of total export value in Q1 2026, underscoring the growing role of agriculture and manufactured goods. The leading non-oil export products were:

• Sesamum seeds: N153.78 billion
• Soya beans: N129.27 billion
• Cashew nuts: N119.76 billion
• Photovoltaic products: N85.79 billion
• Electrical products: N75.16 billion

Together, these five products generated around N564 billion, signalling a stronger contribution from both agriculture and industrial goods to Nigeria’s non-oil trade.

Diversification and Policy Context

Successive Nigerian governments have long sought to reduce dependence on crude oil by promoting agricultural commodities, manufactured goods, solid minerals, and other value-added exports. The growth in non-oil exports reflects the impact of these policies, as well as broader efforts to diversify foreign exchange earnings amid volatile global oil markets.

Government initiatives, including the African Continental Free Trade Area (AfCFTA), export expansion grants, and investments in transport and port infrastructure, are expected to support further growth in non-oil trade. These efforts aim to create more resilience in Nigeria’s export base and reduce vulnerability to oil price fluctuations.

Looking Ahead

While crude oil remains the dominant source of export earnings, the steady rise of non-oil exports demonstrates Nigeria’s progress toward a broader economic foundation. With policy support and growing international demand for agricultural and manufactured goods, non-oil exports are poised to play an increasingly significant role in sustaining trade surpluses and strengthening the country’s external position.