By Staff Reporter

ABUJA – India has emerged as Nigeria’s largest export destination in the first quarter of 2026, underscoring the growing trade ties between both countries and Nigeria’s continued reliance on foreign markets for its crude oil and non-oil export earnings.

According to trade statistics obtained from the National Bureau of Statistics (NBS) and monitored through the Cable Index, India topped the list of Nigeria’s export trading partners with goods valued at ₦2.77 trillion during the period under review.

France followed closely with exports worth ₦1.97 trillion, while the Netherlands ranked third with ₦1.95 trillion. Spain accounted for ₦1.63 trillion, while the United States of America recorded ₦1.18 trillion in imports from Nigeria.

Other major destinations for Nigerian exports included Togo with ₦1.08 trillion, Indonesia with ₦900.32 billion, South Africa with ₦887.13 billion, Italy with ₦800.25 billion, and Canada with ₦670.29 billion.

The figures indicate that Asia and Europe continue to dominate Nigeria’s export landscape, with India maintaining its position as a key buyer of Nigerian commodities, particularly crude oil.

The strong showing by European nations such as France, the Netherlands, Spain and Italy also highlights the continent’s strategic importance to Nigeria’s external trade.

Economic analysts say the concentration of exports among a handful of countries reflects both opportunities and vulnerabilities for Africa’s largest economy.

While strong demand from major markets boosts foreign exchange earnings, experts have repeatedly called for greater diversification of export products to reduce dependence on crude oil and shield the economy from external shocks.

The data further revealed the growing significance of regional trade, with Togo and South Africa featuring prominently among Nigeria’s top export destinations, reflecting increasing commercial engagement within Africa under the framework of the African Continental Free Trade Area (AfCFTA).

Trade experts have urged policymakers to leverage the robust export performance by expanding value-added manufacturing, strengthening non-oil exports, and improving trade infrastructure to sustain growth and enhance Nigeria’s competitiveness in the global market.

The latest figures reinforce Nigeria’s position as one of Africa’s leading exporters, with trade relations spanning key economies across Asia, Europe, North America and the African continent.