Nigeria’s trade surplus doubles to N12.6trn as exports surge

NIGERIA’S merchandise trade surplus more than doubled year-on-year to N12.60 trillion in the second quarter of 2026, driven by a sharp increase in exports and a decline in imports.

The National Bureau of Statistics (NBS) disclosed this in its latest foreign trade statistics report released on Monday, showing that the country’s trade balance improved by 101.32 percent compared with the N6.26 trillion recorded in the corresponding quarter of 2025.

The latest surplus also represented a 19.13 percent increase from the N10.57 trillion recorded in the first quarter (Q1) of 2026.

Nigeria’s total merchandise trade rose to N41.44 trillion during the quarter, up 5.61 per cent from N39.24 trillion recorded in Q2 2025.

Exports accounted for the larger share of trade, rising to N27.02 trillion, or 65.20 per cent of total merchandise transactions.

According to the NBS, export earnings increased by 18.77 percent from N22.75 trillion in Q2 2025 and by 27.64 percent from N21.17 trillion recorded in Q1 2026.

Crude oil remained the single largest export item, contributing N12.91 trillion, representing 47.79 per cent of Nigeria’s total exports during the quarter.

However, non-crude exports collectively generated N14.10 trillion, accounting for 52.21 per cent of total exports. Non-oil products alone contributed N3.72 trillion, equivalent to 13.80 percent of exports.

On the other hand, imports fell significantly on a year-on-year basis, contributing N14.42 trillion to total trade in Q2.

The import figure was 12.55 percent lower than the N16.49 trillion recorded in Q2 2025, although it increased by 5.91 percent from the N13.61 trillion recorded in the preceding quarter.

China maintained its position as Nigeria’s largest import partner, supplying goods worth N5.91 trillion, equivalent to 41.02 per cent of total imports.

The United States followed with N1 trillion, representing 6.97 percent of imports, while India supplied goods valued at N924.46 billion, accounting for 6.41 percent.

The Netherlands and Germany ranked next, with imports worth N409.81 billion and N395.87 billion respectively.

The widening trade surplus indicates that Nigeria earned substantially more from merchandise exports than it spent on imports during the quarter, strengthening the country’s external trade position.