Nigeria’s merchandise trade surplus more than doubled to N12.60tn in the second quarter of 2026, driven by stronger exports and a year-on-year decline in imports, the National Bureau of Statistics has disclosed.
The NBS, in its Foreign Trade in Goods Statistics report published on Monday, said the country’s total merchandise trade rose to N41.44tn in Q2 2026 a 5.61 per cent increase from N39.24tn recorded in the corresponding quarter of 2025, and 19.13 per cent higher than the N34.79tn recorded in Q1 2026.
Exports accounted for 65.20 per cent of total trade at N27.02tn, rising by 18.77 per cent from N22.75tn in Q2 2025 and 27.64 per cent from N21.17tn in the preceding quarter.
Imports, on the other hand, stood at N14.42tn, representing 34.80 per cent of total trade. This figure declined by 12.55 per cent from N16.49tn a year earlier, though it rose 5.91 per cent from N13.62tn in Q1 2026.
“The merchandise trade balance remained positive at N12.6tn in Q2 2026, representing a 101.32 per cent increase compared with the value recorded in the corresponding quarter of 2025,” the NBS said.
Crude oil remained Nigeria’s largest export commodity, generating N12.91tn and accounting for 47.79 per cent of total exports. Crude exports rose by 7.93 per cent from N11.97tn in Q2 2025 and 15.28 per cent from N11.20tn in the preceding quarter.
Non-crude oil exports were valued at N14.11tn, or 52.21 per cent of total exports. However, non-oil products accounted for only N3.73tn 13.80 per cent of exports underscoring the continued dominance of petroleum-related products in Nigeria’s export earnings.
Other petroleum product exports climbed 34.08 per cent year-on-year to N10.38tn, and jumped 53.05 per cent from N6.78tn in Q1.
India emerged as Nigeria’s biggest export destination, receiving goods worth N3.29tn, or 12.17 per cent of total exports. Spain followed with N1.98tn, the Netherlands with N1.90tn, the United States with N1.73tn, and Togo with N1.50tn. Together, these five markets accounted for 38.51 per cent of exports.
Asia was Nigeria’s largest regional export market, receiving N8.72tn worth of goods, followed by Europe with N8.07tn and Africa with N6.65tn.
On the import side, China strengthened its position as Nigeria’s dominant supplier, accounting for N5.92tn, or 41.02 per cent of total imports. The United States followed with N1.01tn, while India supplied goods valued at N924.46bn.
The figures revealed a wide imbalance in manufactured goods trade. Manufactured imports rose 20.65 per cent year-on-year to N9.51tn from N7.88tn, and increased 12.10 per cent from N8.48tn in Q1 2026.
In contrast, manufactured exports fell 51.10 per cent year-on-year to N393.03bn from N803.81bn, although they grew 29.87 per cent compared with the preceding quarter. This left Nigeria with a manufactured goods trade deficit of about N9.12tn for the quarter.
Agricultural trade recorded a deficit as well. Agricultural exports fell by 36.09 per cent to N802.99bn from N1.26tn a year earlier, and declined 31.51 per cent from Q1 2026. Imports, however, rose to N1.20tn — up 1.63 per cent year-on-year and 45.43 per cent quarter-on-quarter.
Cashew nuts in shell led agricultural exports at N268.62bn, followed by standard-quality cocoa beans at N154.31bn and sesame seeds at N96.03bn.
Raw materials, by contrast, recorded stronger export growth, rising 181.24 per cent year-on-year to N2.31tn, compared with imports of N1.79tn. Solid mineral exports also grew by 90.03 per cent to N146.91bn.
Nigeria maintained a substantial trade surplus with African countries, exporting N6.65tn worth of goods to the continent against imports of just N1.10tn. Togo was Nigeria’s largest African export destination at N1.50tn, followed by South Africa at N1.34tn and Côte d’Ivoire at N1.22tn.
The report further showed that maritime transport handled 98.99 per cent of exports and 94.74 per cent of imports.
Apapa Port dominated the country’s trade gateways, processing N19.07tn, or 70.57 per cent, of exports and N6.46tn, or 44.76 per cent, of imports. Lekki Deep Sea Port handled N5.03tn worth of exports, while Tin Can Island Port processed N2.17tn of imports.
