SAT JULY 11 2026-theGBJournal| Nigeria’s merchandise trade surplus widened sharply in the first five months of 2026 as stronger crude oil export earnings and lower fuel imports boosted the country’s external position, according to Central Bank of Nigeria (CBN) data.
The goods trade surplus expanded by 165.3% year-on-year to $11.35 billion in 5M-26, up from $4.28 billion in the corresponding period of 2025, underpinned by higher exports and a decline in imports.
Total exports increased by 18.6% year-on-year to $28.28 billion from $23.85 billion a year earlier, while imports fell 13.5% to $16.93 billion, compared with $19.57 billion in 5M-25.
The rise in exports reflected stronger crude oil and gas receipts, supported by higher international crude prices, which averaged $97.16 per barrel during the period, compared with $73.45 per barrel in the first five months of 2025, following the US-Iran conflict.
The stronger price environment more than offset subdued crude oil production, which averaged 1.60 million barrels per day in 5M-26, below the 1.67 million barrels per day recorded in the corresponding period of 2025. Refined petroleum product exports also continued to rise as domestic refining activity gathered pace.
On the import side, the decline was driven largely by a sharp reduction in petroleum product imports as increased domestic refining displaced imported fuel, more than offsetting growth in non-oil imports.
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