Nigeria’s trade picture strengthened sharply in the second quarter of 2026. Total merchandise trade climbed to ₦41.44 trillion, while stronger exports pushed the country’s trade surplus to ₦12.59 trillion.
The latest figures from the National Bureau of Statistics (NBS) show that trade expanded on both a quarterly and annual basis—although imports and exports moved in notably different directions.
Total Trade Hits ₦41.44 Trillion
Nigeria recorded ₦41.44 trillion in merchandise trade in Q2 2026, according to the NBS Foreign Trade in Goods Statistics report.
That represents:
- 5.61% growth from ₦37.24 trillion in Q2 2025.
- 19.13% growth from ₦34.79 trillion in Q1 2026.
The sharper quarterly increase points to a significant acceleration in trade activity during the second quarter.
But the biggest shift came from the export side.
Exports Remain the Growth Engine
Exports reached approximately ₦27.02 trillion, accounting for 65.20% of Nigeria’s total merchandise trade.
Compared with the previous year, exports rose by 18.77% from about ₦22.75 trillion in Q2 2025.
The quarter-on-quarter increase was even stronger. Export value jumped 27.64% from roughly ₦21.16 trillion in Q1 2026.
That growth also changed the composition of Nigeria’s export basket.
Crude Oil Still Matters—But Non-Crude Exports Lead
Crude oil remained Nigeria’s single biggest export category, generating about ₦12.91 trillion, or 47.79% of total exports.
However, non-crude exports collectively accounted for the larger share.
- Non-crude oil exports: ₦14.10 trillion, or 52.21% of exports.
- Non-oil products: ₦3.73 trillion, or 13.80% of total exports.
The distinction matters: while crude oil continues to dominate individual export categories, Nigeria’s broader non-crude and non-oil trade is becoming increasingly important to the overall export picture.
India, Spain and the Netherlands Among Top Export Markets
Nigeria’s leading export destinations during the quarter included:
- India
- Spain
- The Netherlands
- United States
- Togo
The country’s leading exported products included crude oil, kerosene-type jet fuel, natural gas, urea and other gaseous petroleum products.
The mix highlights the continued importance of energy products to Nigeria’s export earnings, even as non-crude exports make up more than half of total export value.
Imports Tell a Different Story
Imports were valued at approximately ₦14.42 trillion, representing 34.80% of total merchandise trade.
Unlike exports, imports were lower than a year earlier.
Import value fell 12.55% from about ₦16.49 trillion in Q2 2025.
Yet imports recovered slightly from the previous quarter, rising 5.91% from ₦13.61 trillion in Q1 2026.
That divergence—rapid export growth alongside an annual decline in imports—helped drive the dramatic improvement in Nigeria’s trade balance.
China Leads Nigeria’s Import Partners
China remained Nigeria’s largest import-trading partner in Q2 2026.
The other leading partners were:
- United States
- India
- The Netherlands
- Germany
Among the major imported commodities were motor spirit, petroleum oils derived from bituminous minerals, durum wheat, used diesel-powered vehicles and motorcycles.
Trade Surplus More Than Doubles
Here is the number that ties the story together.
Nigeria ended Q2 2026 with a ₦12.59 trillion merchandise trade surplus.
That was an increase of 101.32% compared with Q2 2025.
In other words, Nigeria exported substantially more than it imported, and the gap between the two widened dramatically over the year.
The second-quarter trade data therefore tells a clear story: exports accelerated, imports remained below their year-earlier level, and the resulting imbalance in Nigeria’s favor produced a much larger trade surplus.
The bigger question now is whether this stronger trade position can be sustained in subsequent quarters—and how much of the improvement will come from crude oil versus the broader non-oil economy.
