Nigeria recorded a merchandise trade surplus of N12.60 trillion in the second quarter of 2026, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics.
The figure represents a significant improvement in the country’s external trade position and reflects stronger export performance during the period. NBS data showed that total merchandise trade increased to N41.44 trillion in Q2 2026, compared with N34.79 trillion in the first quarter. The latest result also represents a 5.61 percent increase compared with the N39.24 trillion recorded in the corresponding period of 2025.
Exports accounted for the larger share of Nigeria’s total trade during the quarter. The country exported goods valued at N27.02 trillion, representing 65.20 percent of total merchandise trade. The value of exports increased by 27.64 percent compared with the N21.17 trillion recorded in the first quarter of 2026. It also rose by 18.77 percent when compared with the N22.75 trillion recorded in Q2 2025.
Imports, on the other hand, stood at N14.42 trillion during the period. This was 5.91 percent higher than the N13.62 trillion recorded in Q1 2026 but 12.55 percent lower than the N16.49 trillion recorded in the same quarter of 2025. The difference between exports and imports resulted in the N12.60 trillion trade surplus recorded during the quarter. The surplus was more than double the figure recorded in the corresponding period of 2025, representing a 101.32 percent increase.
Despite the increase in exports, Nigeria’s trade earnings remained heavily dependent on petroleum and other mineral products. NBS data showed that mineral products accounted for N23.52 trillion, representing 87.04 percent of total exports.
Crude oil remained the country’s largest individual export during the quarter. Its export value stood at N12.91 trillion, accounting for 47.79 percent of total exports. Crude oil exports increased by 7.93 percent compared with N11.97 trillion recorded in Q2 2025. They also rose by 15.28 percent from N11.20 trillion recorded in Q1 2026. Other petroleum products also recorded strong growth, reaching N10.38 trillion during the quarter. The figure represented a 34.08 percent increase from the previous year and a 53.05 percent rise from the first quarter of 2026.
However, the performance of some non oil export categories remained weak. Agricultural exports fell to N802.99 billion, representing a 36.09 percent decline from N1.26 trillion recorded in Q2 2025. Manufactured exports also declined by 51.10 percent year on year to N393.03 billion, although the figure was higher than the previous quarter.
Raw material exports performed better, rising by 181.24 percent year on year to N2.31 trillion. Solid mineral exports also increased by 90.03 percent to N146.91 billion. On the import side, China remained Nigeria’s largest source of imported goods. The Asian country accounted for 41.02 percent of Nigeria’s total imports, valued at N5.92 trillion.
The United States followed with N1.01 trillion, while India recorded N924.46 billion. The Netherlands and Germany accounted for N409.81 billion and N395.87 billion respectively. Machinery and transport equipment made up the largest category of imports, valued at N5.46 trillion. Chemicals and related products followed with N2.51 trillion, while manufactured goods accounted for N1.87 trillion.
The latest trade figures show that Nigeria continues to record strong export earnings, but they also highlight the country’s dependence on crude oil and petroleum products. Sustaining the trade surplus will therefore require stronger growth in agriculture, manufacturing and other non oil sectors.
