Nigeria’s total merchandise trade climbed to ₦41.44 trillion in the second quarter of 2026, as a sharp rise in exports pushed the country’s trade surplus to ₦12.60 trillion, according to the National Bureau of Statistics (NBS).
The latest figures show a stronger external trade position compared with both the same period last year and the first quarter of 2026, although the composition of Nigeria’s exports remains heavily concentrated in crude oil and petroleum products.
According to the NBS, total trade stood at ₦41,444.89 billion in Q2 2026, representing a 5.61 per cent increase from the ₦39,244.42 billion recorded in Q2 2025.
Compared with the first quarter of 2026, when total merchandise trade stood at ₦34,788.59 billion, the latest figure represents a 19.13 per cent quarter-on-quarter increase.
Exports accounted for ₦27,020.88 billion, while imports stood at ₦14,424.01 billion. The difference produced a trade surplus of ₦12,596.86 billion, or about ₦12.60 trillion.
The surplus was significantly higher than the ₦7.55 trillion recorded in the first quarter of the year.
The latest data also highlight a changing pattern in Nigeria’s export basket. While crude oil remained the country’s single largest export category, petroleum products and other non-crude exports collectively accounted for a substantial share of export earnings.
Crude oil exports were valued at ₦12,914.33 billion, representing 47.79 per cent of total exports.
However, non-crude oil exports collectively stood at ₦14,106.55 billion, exceeding crude oil exports during the quarter.
Within the broader export figures, other petroleum oil products were valued at ₦10,376.88 billion, accounting for 38.40 per cent of total exports.
The composition suggests that refined and other petroleum products are becoming increasingly important in Nigeria’s export earnings as domestic refining capacity expands.
The country’s export basket also included raw materials worth ₦2,305.40 billion, accounting for 8.53 per cent of exports.
Agricultural goods contributed ₦802.99 billion, or 2.97 per cent, while manufactured goods were valued at ₦393.03 billion, representing just 1.45 per cent of total exports.
Solid minerals contributed ₦146.91 billion, or 0.54 per cent, while energy goods accounted for ₦81.35 billion, representing 0.30 per cent.
The figures underscore the continuing challenge of diversifying Nigeria’s export base. Despite growth in non-crude petroleum exports, manufactured goods, agricultural products and solid minerals still account for relatively small portions of the country’s overall export earnings.
On the import side, manufactured goods continued to dominate Nigeria’s purchases from abroad.
Manufactured products accounted for 65.94 per cent of total imports, with an estimated value of ₦9,511.36 billion.
Raw materials followed with imports valued at ₦1,790.00 billion, while agricultural goods accounted for ₦1,203.76 billion.
Other petroleum oil products were valued at ₦1,075.11 billion, while crude oil imports stood at ₦786.73 billion.
The relatively lower value of petroleum-product imports compared with previous periods comes as domestic refining capacity expands, potentially reducing Nigeria’s reliance on imported refined fuels.
Nigeria’s trade performance also improved significantly compared with the first quarter.
In Q1 2026, the country recorded total merchandise trade of ₦34.79 trillion, comprising exports of approximately ₦21.17 trillion and imports of about ₦13.62 trillion.
By the second quarter, exports had increased by roughly ₦5.85 trillion, while imports recorded a more modest increase.
The result was a substantially larger trade surplus during the April-to-June period.
The ₦12.60 trillion surplus also came in above some mid-year market expectations, which had placed the projected surplus at around ₦9 trillion.
Separate port activity data for the quarter showed cargo throughput rising by 12.3 per cent year-on-year, while outward cargo increased by about 22 per cent, pointing to stronger external trade activity.
However, the increase in the naira value of trade should not automatically be interpreted as an equivalent increase in the physical volume of goods traded.
Changes in commodity prices, exchange rates and the naira value of international transactions can all affect the reported value of imports and exports.
Crude oil and petroleum products also remain the dominant drivers of Nigeria’s export earnings, leaving the country exposed to fluctuations in global energy prices and production levels.
The relatively small contribution from manufactured and other non-oil exports remains a key issue for policymakers seeking to build a more diversified and resilient economy.
Nevertheless, the latest NBS figures present a stronger trade position at the midpoint of 2026.
Nigeria traded ₦41.44 trillion worth of goods in the second quarter, with exports substantially exceeding imports and producing a ₦12.60 trillion trade surplus.
The figures point to stronger export performance, rising petroleum-product exports and continued growth in overall trade, while also highlighting the need for greater diversification beyond crude oil and petroleum-related commodities.
Shola Akinyele
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