By Yinka Kolawole
Nigeria’s merchandise trade surplus surged by 66.8 per cent quarter-on-quarter to N12.59 trillion in the second quarter of 2026, from N7.55 trillion recorded in Q1, as a sharp rise in exports widened the gap between the country’s earnings from exports and its import bill.
In its foreign trade statistics report released on Monday, the National Bureau of Statistics, NBS, noted that Nigeria’s total merchandise trade stood at N41.44 trillion in Q2’26, comprising exports of N27.02 trillion and imports of N14.42 trillion.
The Q2’26 surplus was therefore N5.04 trillion higher than the N7.55 trillion recorded in Q1’26, providing a significant boost to Nigeria’s external trade position.
The development is economically significant as a larger trade surplus can strengthen foreign exchange liquidity, improve the country’s external position and enhance its capacity to finance imports. It could also provide some support for naira stability if the stronger export earnings translate into increased foreign exchange inflows.
The expansion, however, was driven principally by exports, as total exports jumped 27.64 per cent quarter-on-quarter, from N21.17 trillion in Q1 to N27.02 trillion in Q2. In contrast, imports rose by a more modest 5.91 per cent, from N13.62 trillion to N14.42 trillion.
On a year-on-year basis, the picture was even more favourable. Exports increased 18.77 per cent from N22.75 trillion in Q2’25, while imports declined 12.55 per cent from N16.49 trillion.
Exports consequently accounted for 65.20 per cent of total merchandise trade in Q2, compared with 34.80 per cent for imports.
Crude oil remained Nigeria’s largest individual export, valued at N12.91 trillion, representing 47.79 per cent of total exports. Its value increased 15.28 per cent quarter-on-quarter from N11.20 trillion.
Other oil products also recorded a strong performance, with exports rising 53.05 per cent from N6.78 trillion in Q1 to N10.38 trillion in Q2.
Non-crude exports, however, collectively exceeded crude oil exports, standing at N14.11 trillion or 52.21 per cent of total exports. Non-oil exports contributed N3.73 trillion, representing 13.80 per cent.
The non-oil export performance was mixed. Raw material exports surged 50.31 per cent quarter-on-quarter to N2.31 trillion, while solid mineral exports rose 42.91 per cent to N146.91 billion.
Agricultural exports, however, fell 31.51 per cent from N1.17 trillion in Q1 to N802.99 billion, while manufactured goods exports increased 29.87 per cent quarter-on-quarter to N393.03 billion, although they remained 51.10 per cent below their Q2’25 level.
On the import side, manufactured goods remained dominant, rising 12.10 per cent quarter-on-quarter to N9.51 trillion. Raw material imports increased 13.12 per cent to N1.79 trillion, while agricultural imports surged 45.43 per cent to N1.20 trillion.
China remained Nigeria’s leading import source, while India emerged as the top export destination.
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