Nigeria’s Trade Surplus Doubles to N12.6tn as Exports Rise

Nigeria recorded a significant increase in its merchandise trade surplus in the second quarter of 2026, with the balance rising to N12.60tn, more than double the figure recorded in the same period of 2025.

The latest figures released by the National Bureau of Statistics (NBS) showed that the increase was driven largely by stronger export performance and a decline in imports compared with the previous year.

According to the NBS Foreign Trade in Goods Statistics report released on Monday, Nigeria’s total merchandise trade stood at N41.44tn in Q2 2026.

This represented a 5.61 per cent increase from the N39.24tn recorded in Q2 2025 and a 19.13 per cent rise from N34.79tn in the first quarter of 2026.

Exports accounted for 65.20 per cent of total trade, valued at N27.02tn. This represented an 18.77 per cent increase from N22.75tn recorded a year earlier and a 27.64 per cent rise from N21.17tn in Q1 2026.

Imports, on the other hand, stood at N14.42tn, representing 34.80 per cent of total trade. The figure was 12.55 per cent lower than the N16.49tn recorded in Q2 2025, although it increased by 5.91 per cent compared with the N13.62tn recorded in Q1 2026.

The NBS said Nigeria’s merchandise trade balance remained positive at N12.6tn during the quarter, representing a 101.32 per cent increase compared with the corresponding period of 2025.

Crude Oil Remains Major Export
Crude oil continued to dominate Nigeria’s export earnings during the period, generating N12.91tn, equivalent to 47.79 per cent of total exports.

Crude oil exports increased by 7.93 per cent from N11.97tn in Q2 2025 and rose by 15.28 per cent from N11.20tn recorded in the preceding quarter.
Non-crude oil exports were valued at N14.11tn, accounting for 52.21 per cent of total exports.

However, strictly non-oil products contributed only N3.73tn, or 13.80 per cent of total exports, highlighting the continued importance of petroleum-related products to Nigeria’s export earnings.

Exports of other petroleum products rose sharply by 34.08 per cent year-on-year to N10.38tn and increased by 53.05 per cent compared with the N6.78tn recorded in Q1 2026.

India Leads Nigeria’s Export Destinations
India emerged as Nigeria’s largest export destination during the quarter, receiving goods worth N3.29tn, representing 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, the five countries accounted for 38.51 per cent of Nigeria’s total exports.
At the regional level, Asia was Nigeria’s largest export market, receiving goods valued at N8.72tn.

Europe followed with N8.07tn, while African countries received N6.65tn worth of Nigerian exports.

China Remains Nigeria’s Biggest Import Source
China maintained its position as Nigeria’s largest source of imports, supplying goods worth N5.92tn, equivalent to 41.02 per cent of total imports.

The United States followed with N1.01tn, while India supplied goods valued at approximately N924.46bn.

The data also revealed a major imbalance in Nigeria’s manufactured goods trade.

Manufactured imports increased by 20.65 per cent year-on-year to N9.51tn, compared with N7.88tn in Q2 2025. They also rose by 12.10 per cent from N8.48tn recorded in Q1 2026.

In contrast, manufactured exports fell by 51.10 per cent year-on-year to N393.03bn from N803.81bn, although they increased by 29.87 per cent compared with the previous quarter.

As a result, Nigeria recorded a manufactured goods trade deficit of approximately N9.12tn during the quarter.

Agricultural Trade Records Deficit
Nigeria’s agricultural trade also recorded a deficit during the period.

Agricultural exports fell by 36.09 per cent year-on-year to N802.99bn, compared with N1.26tn in Q2 2025. The figure also represented a 31.51 per cent decline from the previous quarter.

Agricultural imports, however, increased to N1.20tn, representing a 1.63 per cent year-on-year increase and a 45.43 per cent rise from Q1 2026.

Cashew nuts in shell remained the leading agricultural export, valued at N268.62bn.

Standard-quality cocoa beans followed at N154.31bn, while sesame seeds accounted for N96.03bn.

Exports of raw materials recorded significant growth, rising by 181.24 per cent year-on-year to N2.31tn, compared with imports of N1.79tn.

Solid mineral exports also increased substantially, rising by 90.03 per cent to N146.91bn.

Nigeria Maintains Strong Trade Surplus With Africa
Nigeria continued to record a substantial trade surplus with other African countries.

The country exported goods worth N6.65tn to the continent while importing goods valued at N1.10tn.

Togo was Nigeria’s largest African export destination, receiving N1.50tn worth of goods, followed by South Africa at N1.34tn and Côte d’Ivoire at N1.22tn.

Apapa Handles Majority of Nigeria’s Trade
The NBS report further showed that maritime transport remained the dominant channel for Nigeria’s international trade, handling 98.99 per cent of exports and 94.74 per cent of imports.

Apapa Port remained the country’s leading trade gateway, processing exports worth N19.07tn, representing 70.57 per cent of total exports, and imports valued at N6.46tn, accounting for 44.76 per cent of total imports.

Lekki Deep Sea Port handled exports worth N5.03tn, while Tin Can Island Port processed imports valued at N2.17tn.

Overall, the latest figures point to stronger export activity and a significant improvement in Nigeria’s merchandise trade balance, although the country continues to face major challenges in manufactured and agricultural trade, with imports significantly exceeding exports in both sectors.

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