Nigeria achieved a merchandise trade surplus of N7.55 trillion in the first quarter of 2026, marking a significant increase of 340.88 percent compared to the previous quarter. This surge in surplus was primarily attributed to an 18.2 percent decline in foreign imports, particularly in petroleum products, alongside enhanced earnings from crude oil exports. The National Bureau of Statistics (NBS) released data on Monday indicating that total trade figures reflected these trends, underscoring the impact of reduced import levels on the nation's trade balance.
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