Nigeria’s Trade Surplus Doubles to N12.6trn

Nigeria recorded a N12.60 trillion merchandise trade surplus in the second quarter of 2026, more than double the surplus recorded in the corresponding period of 2025, as strong petroleum exports boosted the country’s external trade position despite sharp declines in agricultural and manufactured exports.

The latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) showed that the country’s trade surplus increased by 101.32 per cent year-on-year, while total merchandise trade rose to N41.44 trillion, representing a 5.61 per cent increase from N39.24 trillion recorded in the second quarter of 2025.

On a quarter-on-quarter basis, total trade increased by 19.13 per cent from N34.79 trillion recorded in the first quarter of 2026, underscoring the significant expansion in Nigeria’s external trade activities during the period.

Exports accounted for 65.20 per cent of total merchandise trade, rising to N27.02 trillion in the second quarter. The figure represented an 18.77 per cent increase from N22.75 trillion recorded in the corresponding period of 2025 and a 27.64 per cent rise from N21.17 trillion recorded in the preceding quarter.

Imports, however, stood at N14.42 trillion, declining by 12.55 per cent from N16.49 trillion in the second quarter of 2025, although they increased by 5.91 per cent from N13.62 trillion recorded in the first quarter.

The strong trade balance was largely driven by petroleum products, highlighting the continued dominance of oil in Nigeria’s export earnings and the slow pace of the country’s export diversification efforts.

Crude oil exports alone stood at N12.91 trillion, accounting for 47.79 per cent of total exports during the quarter. The value rose by 7.93 per cent compared with the corresponding period of 2025 and increased by 15.28 per cent from the first quarter of 2026.

Exports of other oil products were valued at N10.38 trillion, recording a 34.08 per cent year-on-year increase and a 53.05 per cent rise quarter-on-quarter. Together, crude oil and other petroleum products generated about N23.29 trillion, representing roughly 86 per cent of Nigeria’s total export earnings in the quarter.

Similarly, mineral products accounted for N23.52 trillion, or 87.04 per cent of total exports, further reflecting the overwhelming dependence of the country’s external trade on extractive commodities.

While non-crude oil exports amounted to N14.11 trillion, representing 52.21 per cent of total exports, genuinely non-oil products contributed only N3.73 trillion, or 13.80 per cent, exposing the limited progress in broadening Nigeria’s export base beyond petroleum.

The report showed that agricultural exports, fell by 36.09 per cent to N802.99 billion from N1.26 trillion recorded in the second quarter of 2025. Agricultural exports also declined by 31.51 per cent from N1.17 trillion recorded in the first quarter of 2026.

The decline came as agricultural imports rose to N1.20 trillion, representing a 1.63 per cent increase year-on-year and a significant 45.43 per cent increase from the first quarter. Major agricultural exports during the quarter included cashew nuts, cocoa beans, sesame seeds and soya beans.

Manufactured goods exports also declined sharply to N393.03 billion, representing a 51.10 per cent fall from N803.81 billion recorded in the corresponding period of 2025, although the figure increased by 29.87 per cent from the preceding quarter.

In contrast, manufactured goods imports rose by 20.65 per cent year-on-year to N9.51 trillion from N7.88 trillion, while also increasing by 12.10 per cent quarter-on-quarter. China remained Nigeria’s largest source of imports, accounting for N5.92 trillion, or 41.02 per cent of the country’s total imports. The United States followed with N1.01 trillion, while India accounted for N924.46 billion

Asia supplied 59.37 per cent of Nigeria’s total imports valued at N8.56 trillion, while Europe accounted for 21.25 per cent and African countries supplied 7.65 per cent, valued at N1.10 trillion. Meanwhile, raw material exports recorded one of the strongest performances, rising by 181.24 per cent year-on-year to N2.31 trillion and by 50.31 per cent from N1.53 trillion recorded in the first quarter.

Urea exports to the United States were valued at N1.07 trillion, while non-monetary gold exports to Switzerland amounted to N73.09 billion. Solid mineral exports also rose by 90.03 per cent year-on-year to N146.91 billion. However, the sector accounted for only 0.49 per cent of total trade, underscoring its relatively small contribution to Nigeria’s external trade despite its growth potential.