Nigeria’s trade surplus rises 66.8% to N12.59tn in Q2 2026

Nigeria’s merchandise trade surplus rose by 66.8 per cent quarter-on-quarter to N12.59 trillion in the second quarter of 2026, up from N7.55 trillion recorded in the first quarter.

The increase was driven largely by a strong rise in exports, which widened the difference between the country’s export earnings and its import spending.

According to the latest foreign trade statistics released by the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade stood at N41.44 trillion in Q2 2026.

The figure comprised N27.02 trillion in exports and N14.42 trillion in imports.

The N12.59 trillion surplus recorded in the second quarter represents an increase of N5.04 trillion compared with the N7.55 trillion surplus recorded in Q1 2026.

The development is economically significant as a larger trade surplus can strengthen foreign exchange liquidity, improve the country’s external position and enhance its capacity to finance imports. It could also provide some support for naira stability if the stronger export earnings translate into increased foreign exchange inflows.

The expansion, however, was driven principally by exports, as total exports jumped 27.64 per cent quarter-on-quarter, from N21.17 trillion in Q1 to N27.02 trillion in Q2. In contrast, imports rose by a more modest 5.91 per cent, from N13.62 trillion to N14.42 trillion.

On a year-on-year basis, the picture was even more favourable. Exports increased 18.77 per cent from N22.75 trillion in Q2’25, while imports declined 12.55 per cent from N16.49 trillion.

Exports consequently accounted for 65.20 per cent of total merchandise trade in Q2, compared with 34.80 per cent for imports.

Crude oil remained Nigeria’s largest individual export, valued at N12.91 trillion, representing 47.79 per cent of total exports. Its value increased 15.28 per cent quarter-on-quarter from N11.20 trillion.

Other oil products also recorded a strong performance, with exports rising 53.05 per cent from N6.78 trillion in Q1 to N10.38 trillion in Q2.

Non-crude exports, however, collectively exceeded crude oil exports, standing at N14.11 trillion or 52.21 per cent of total exports. Non-oil exports contributed N3.73 trillion, representing 13.80 per cent.

The non-oil export performance was mixed. Raw material exports surged 50.31 per cent quarter-on-quarter to N2.31 trillion, while solid mineral exports rose 42.91 per cent to N146.91 billion.

Agricultural exports, however, fell 31.51 per cent from N1.17 trillion in Q1 to N802.99 billion, while manufactured goods exports increased 29.87 per cent quarter-on-quarter to N393.03 billion, although they remained 51.10 per cent below their Q2’25 level.

On the import side, manufactured goods remained dominant, rising 12.10 per cent quarter-on-quarter to N9.51 trillion. Raw material imports increased 13.12 per cent to N1.79 trillion, while agricultural imports surged 45.43 per cent to N1.20 trillion.

China remained Nigeria’s leading import source, while India emerged as the top export destination.

Follow Very Nigerian WhatsApp Channel
For Verified Breaking News, Exclusive Reports, Trending Stories, And Real-time Updates.
CLICk HERE TO JOIN!