NBS: Imports fell to N13.62trn in Q1 2026

From Isaac Anumihe, Abuja

The National Bureau of Statistics (NBS), yesterday, disclosed that Nigeria’s import bill recorded a notable decline in the first quarter 2026, easing to N13,619.33 trillion from N16,644.42 trillion in the corresponding period of 2025. The N3.03 trillion (18.2 per cent) drop signals weaker import demand amid FX constraints, policy shifts and changing consumption trends, highlighting ongoing adjustments in the country’s external trade profile and broader economic rebalancing efforts.

China remained the leading source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates. The bureau added that the most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images, or data, and used vehicles with diesel or semi-diesel engines.

Meanwhile, NBS noted that the value of agricultural goods imported in Q1 2026 stood at N827.72 billion, representing a 20.09 per cent decrease compared to N1,035.81billion recorded in Q1 2025, and a 42.39 per cent decrease relative to N1,436.65 billion recorded in Q4 2025.

Also, in the same period, the import value of raw material goods was N1,582.36 billion, representing a 12.63 per cent decrease from N1,811.10 billion in Q1 2025, and a 32.72 per cent decrease compared to N2,351.88 billion in the preceding quarter (Q4 2025). But in the first quarter of 2026, solid mineral imports were valued at N69.75 billion, representing a 24.00 per cent decrease from N91.78 billion in Q1 2025 and 50.53 per cent decrease compared to N140.99 billion recorded in Q4 2025.

Conversely, in the same period, the value of imported manufactured goods stood at N8,484.37 billion, reflecting a 12.94 per cent increase from N7,512.22 billion in Q1 2025 and a 3.62 per cent decrease from N8,803.27 billion recorded in Q4 2025.

“The value of other oil products imported in Q1 2026 stood at N748.10 billion, reflecting a 85.05 per cent decrease from N5,005.22 billion in Q1 2025 and a 81.38 per cent decrease from N4,018.31 billion recorded in Q4 2025” NBS said.

On the export side, the total exports in Q1 2026 were valued at N21,169.27 billion, reflecting a 2.77 per cent increase compared with N20,598.48 billion in the corresponding quarter of 2025, and an 11.63 per cent increase compared with N18,963.41 billion in Q4 2025.

However, in the Q1 2026, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America and the most exported commodities were crude oil, natural gas, urea, whether or not in aqueous solution; other petroleum gases in a gaseous state, and kerosine type jet fuel.

According to NBS, exports of agricultural goods in the period under review amounted to N1,172.37 billion representing a 31.20 per cent decline from N1,704.15 billion in Q1 2025 and an 11.39 per cent decrease from N1,323.06 billion in Q4 2025.

“In the same period, the value of raw material exports stood at N1,533.75 billion, representing a rise of 46.83 per cent from N1,044.59 billion in Q1 2025 and a 28.62 per cent increase from N1,192.49 billion in Q4 2025” the document from NBS website, noted.

Analysis, the bureau, explained, shows that solid mineral exports in Q1 2026 were valued at N102.80 billion; representing a 74.63 per cent increase from N58.87 billion in Q1 2025 and a decrease of 12.02 per cent from N116.84 billion in Q4 2025.

“The value of manufactured goods exports in Q1 2026 stood at

N302.64 billion, reflecting a 2.79 per cent increase from N294.43 billion in Q1 2025 and a decrease of 28.53 per cent from N423.43 billion in Q4 2025.

“Crude oil exports in Q1 2026 were valued at N11,202.35 billion; the value decreased by 13.53 per cent from N12,955.03 billion in Q1 2025 and increased by 15.45 per cent from N9,702.87 billion in Q4 2025.

“Other oil product exports in Q1 2026 stood at N6,780.18 billion, showing an increase of 51.49 per cent from N4,475.58 billion in Q1 2025 and an increase of

10.88 per cent from N6,115.00 billion in Q4 2025” the bureau further explained.