Booming trade: Nigeria’s exports soar as surplus hits ₦12.6trn in Q2 2026
Orisemeke Benjamin
In a dramatic display of foreign trade strength, Nigeria recorded a staggering N12.59 trillion merchandise trade surplus in the second quarter of 2026, marking an impressive 101.32 per cent surge compared to the corresponding period of 2025.
According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS), the country’s total merchandise trade expanded to N41.44 trillion in Q2 2026, representing a 5.61 per cent year-on-year increase and a 19.13 per cent growth over Q1 2026.
The expanding trade balance was largely propelled by a powerful performance in export trade, which reached N27.02 trillion and accounted for 65.20 per cent of total foreign trade. The NBS noted in the report that total exports reflected “an 18.77% increase from N22,750.74 billion recorded in the corresponding quarter of 2025, and a 27.64% increase from N21,169.27 billion recorded in Q1 2026.”
Crude oil retained its position as the bedrock of the country’s foreign exchange earnings, generating N12.91 trillion or 47.79 per cent of total exports. However, non-crude oil exports took center stage, valued at N14.11 trillion (52.21 per cent of total exports), with non-oil products contributing N3.73 trillion. A notable driver of non-oil expansion was raw material exports, which surged by 181.24 per cent year-on-year to N2.31 trillion. Solid minerals exports also posted remarkable growth, jumping 90.03 per cent to N146.91 billion.
Conversely, agricultural exports faced significant headwinds, dropping 36.09 per cent year-on-year to N802.99 billion. “The value of agricultural goods exports decreased by 36.09% compared with N1,256.36 billion recorded in Q2 2025,” the report revealed. Cashew nuts in shell and cocoa beans dominated agricultural shipments.
On the import side, total inward trade stood at N14.42 trillion, accounting for 34.80 per cent of aggregate trade. This represented a 12.55 per cent decline from Q2 2025, signaling reduced foreign dependency in key sectors. “China remained the leading source of imports in the second quarter of 2026, followed by the United States of America, India, The Netherlands, and Germany,” the NBS reported.
Asia emerged as Nigeria’s biggest trade region, absorbing N8.72 trillion in exports and providing N8.56 trillion in imports. India ranked as Nigeria’s top individual export destination, purchasing goods worth N3.29 trillion (12.17 per cent of total exports), followed by Spain, The Netherlands, the United States, and Togo.
