Nigeria Records N12.59trn Trade Surplus in Q2 2026 as Exports Hit N27trn – NBS

By Victor Idajili

Nigeria posted a trade surplus of N12.59 trillion in the second quarter of 2026, according to the National Bureau of Statistics.

The NBS, in its Foreign Trade in Goods report for Q2 2026, said total merchandise trade stood at N41.44 trillion. That is 5.61% higher than the N39.24 trillion recorded in Q2 2025, and 19.13% above the N34.78 trillion recorded in Q1 2026.

The N12.59 trillion surplus represents a 101.32% jump compared to the same quarter in 2025.

Exports accounted for 65.20% of total trade, valued at N27 trillion. This marks an 18.77% increase from N22.75 trillion in Q2 2025 and a 27.64% rise from N21.16 trillion in Q1 2026.

Crude oil remained the single biggest export item. It was valued at N12.91 trillion and made up 47.79% of all exports during the quarter.

However, non-oil exports outweighed crude for the first time in the breakdown. Non-crude oil exports totaled N14.10 trillion, or 52.21% of total exports. Of that, non-oil products alone contributed N3.72 trillion, representing 13.80% of total exports.

Imports were led by China, followed by the United States, India, the Netherlands, and Germany.

The top imported goods in Q2 were Motor Spirit Ordinary, crude petroleum oils and oils from bituminous minerals, durum wheat, used vehicles with diesel or semi-diesel engines, and motorcycles fitted with auxiliary petrol motors.

Agricultural imports rose to N1.20 trillion, a 1.63% increase from N1.18 trillion in Q2 2025 and a 45.43% jump from N827.72 billion in Q1 2026.

Imports of raw materials stood at N1.79 trillion. That is 4.11% higher than N1.71 trillion in Q2 2025 and 13.12% higher than N1.58 trillion in Q1 2026.

Solid mineral imports dropped to N56.99 billion. This is a 19.60% decline from N70.88 billion in Q2 2025 and an 18.30% decrease from N69.75 billion in the previous quarter.