Nigeria's merchandise trade surplus climbed to ₦12.6tn in the second quarter of 2026, more than double the figure reported in the same period of 2025, according to the National Bureau of Statistics. Stronger export earnings and a reduction in imports were the main drivers of the improved trade balance.
Data from the latest Foreign Trade in Goods Statistics show that total merchandise trade during the quarter stood at ₦41.44tn. That represents a year-on-year increase of 5.61% and a rise of 19.13% compared with the first quarter of 2026.
Exports amounted to ₦27.02tn, equivalent to 65.20% of total trade and reflecting growth of 18.77% from the same period a year earlier. Imports, by contrast, came to ₦14.42tn, a decline of 12.55% from the ₦16.49tn recorded in Q2 2025.
Petroleum continued to dominate Nigeria's export basket. Crude oil generated ₦12.91tn, while other petroleum products contributed a further ₦10.38tn. Together, the two categories accounted for the overwhelming majority of the country's export earnings during the quarter.
The non-oil export segment painted a weaker picture. Agricultural exports fell by 36.09% year-on-year to roughly ₦803bn, while manufactured exports dropped by more than half to approximately ₦393bn.
The figures point to a stronger external trade position, but they also underscore Nigeria's persistent reliance on petroleum. Achieving a more diversified and resilient export base will require sustained growth in agricultural, manufactured and other non-oil exports.
