Nigeria recorded a significant increase in its trade surplus, which surged by 341 percent to ₦7.55 trillion, according to the latest figures released by the National Bureau of Statistics (NBS).

The sharp rise was driven by strong export performance, particularly in the oil and gas sector, which continued to account for a substantial share of the country's export earnings. Higher export revenues, coupled with a relatively slower growth in imports, contributed to the widening gap between the value of goods sold abroad and those brought into the country.

Data from the NBS showed that total exports increased considerably during the review period, reflecting improved global demand and favorable market conditions for Nigeria's key export commodities. Crude oil remained the leading export product, while non-oil exports also posted gains, supported by agricultural products, manufactured goods, and solid minerals.

Economists say a larger trade surplus can strengthen foreign exchange reserves, improve the country's external balance, and support overall economic stability. However, they caution that sustained growth will require greater diversification of export earnings beyond crude oil.

The report also highlighted the importance of ongoing efforts to boost local production and expand Nigeria's export base. Analysts believe investments in agriculture, manufacturing, and value-added industries could help the country achieve more resilient and sustainable trade growth in the long term.

Government officials welcomed the development, describing it as a positive indicator of economic recovery and improved trade performance. They noted that policies aimed at enhancing export competitiveness and reducing dependence on imports are beginning to yield results.

The latest trade figures underscore the growing role of exports in Nigeria's economy and reinforce the importance of maintaining policies that encourage production, investment, and international trade.