-
Nigeria recorded a N12.60 trillion merchandise trade surplus in Q2 2026, more than doubling from N6.26 trillion in the same quarter of 2025.
-
Total exports rose 18.77 per cent year-on-year to N27.02 trillion, while imports fell 12.55 per cent to N14.42 trillion.
-
Crude oil remained the biggest export earner, but rising non-crude and raw-material exports point to emerging changes in Nigeria’s trade composition.
September 07, (THEWILL) — Nigeria’s merchandise trade surplus widened sharply to N12.60 trillion in the second quarter of 2026, as stronger exports combined with a decline in imports to significantly improve the country’s trade position.
Data from the National Bureau of Statistics showed that total merchandise trade rose to N41.44 trillion, representing a 5.61 percent increase from N39.24 trillion recorded in Q2 2025 and a 19.13 percent rise from N34.79 trillion in Q1 2026.
Exports accounted for 65.20 percent of total trade at N27.02 trillion, compared with imports of N14.42 trillion.
The resulting trade surplus was about N12.60 trillion, compared with N6.26 trillion in Q2 2025 and N7.55 trillion in Q1 2026.
Exports drive stronger trade balance
The sharp improvement was primarily driven by export growth.
Nigeria’s total exports increased 18.77 percent from N22.75 trillion in Q2 2025 and 27.64 percent from N21.17 trillion in Q1 2026.
Crude oil remained the country’s dominant export, generating N12.91 trillion, equivalent to 47.79 percent of total exports.
Crude exports increased 7.93 percent year-on-year and 15.28 percent quarter-on-quarter.
Other oil products recorded an even stronger increase, rising 34.08 percent year-on-year to N10.38 trillion and 53.05 percent from Q1.
However, there were notable movements outside crude oil. Raw material exports jumped 181.24 percent year-on-year to N2.31 trillion, while solid mineral exports rose 90.03 percent to N146.91 billion.
Agricultural exports, however, fell 36.09 percent year-on-year to N802.99 billion, while manufactured exports declined 51.10 percent to N393.03 billion.
Imports fall despite higher manufactured goods
Imports stood at N14.42 trillion, down 12.55 percent from N16.49 trillion in Q2 2025, although they increased 5.91 percent from N13.62 trillion in Q1 2026.
The decline was largely reflected in oil-related imports.
Other oil-product imports plunged 73.08 percent year-on-year to N1.08 trillion, compared with N3.99trillion a year earlier.
However, manufactured goods imports increased 20.65 percent to N9.51 trillion, while raw-material imports rose 4.11 percent to N1.79 trillion. Agricultural imports also increased 1.63 percent to N1.20 trillion.
Machinery and transport equipment remained the largest import category at N5.46 trillion, accounting for 37.83 percent of imports.
China continued to dominate Nigeria’s import market, supplying N5.92 trillion, or 41.02 per cent of total imports.
The United States followed with N1.01 trillion, India with N924.46 billion, the Netherlands with N409.81 billion and Germany with N395.87 billion.
READ ALSO:
Africa becomes a major export market
Nigeria’s trade with Africa also recorded a strong imbalance in favour of exports.
Exports to African countries reached N6.65 trillion, compared with imports of N1.10 trillion.
Within West Africa, exports stood at N3.82 trillion, while imports were only N280.66 billion.
Togo was Nigeria’s largest African export destination at N1.50 trillion, followed by South Africa at N1.34 trillion and Côte d’Ivoire at N1.22 trillion.
Nigeria’s exports to ECOWAS member states alone reached N3.75 trillion, compared with imports of N269.06 billion.
Crude oil remained the leading product exported to the region, valued at N1.55 trillion, followed by gas oil at N980.69 billion and kerosene-type jet fuel at N413.05 billion.
The Q2 figures therefore show a trade position increasingly supported by higher export earnings and lower oil-related imports.
However, the heavy contribution of crude and other petroleum products also highlights the continued dependence of Nigeria’s external trade on the oil economy.
The challenge will be whether the sharp rise in raw-material and solid-mineral exports can be sustained and eventually accompanied by stronger agricultural and manufactured exports, which would make the improved trade balance less dependent on hydrocarbons
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
