Nigeria’s trade surplus rose sharply to $480 million in January 2026, driven by stronger export earnings from crude oil and petroleum products, according to the latest Monthly Economic Report released by the Central Bank of Nigeria.
The report showed that the surplus represented a 220 per cent month-on-month increase compared to the $150 million recorded in December 2025. The apex bank attributed the improved trade position to higher export receipts, which rose by 4.46 per cent to $4.68 billion during the review period.
The CBN said the increase was largely supported by stronger earnings from petroleum exports, especially crude oil and gas shipments.
“Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts,” the bank stated in the report.
According to the report, import bills also increased by 3.0 per cent to $4.77 billion in January, reflecting continued demand for imported products.
The CBN noted that crude oil, gas and refined petroleum products accounted for 83.12 per cent of total export earnings during the period, underscoring Nigeria’s continued dependence on the oil sector for foreign exchange inflows.
