The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus ovf N12.59trn from the total N41.44trn trade with other countries conducted in the second quarter of 2026.
The NBS, in its Foreign Trade report, stated that the surplus represented a 101.32% increase compared with the value recorded in the corresponding quarter of 2025.
The report noted that Nigeria’s total merchandise trade stood at N41.44trn in Q2 2026, representing an increase of 5.61% from N39.24trn recorded in the corresponding quarter of 2025 and a 19.13% increase from N34.78trn recorded in the preceding quarter.
It further stated that during the quarter, exports accounted for 65.20% of total trade valued at N27trn, an 18.77% increase from the N22.75trn recorded in the corresponding quarter of 2025 and a 27.64% increase from N21.16trn recorded in Q1 2026.
“Analysis shows that crude oil remained Nigeria’s major exported commodity in the second quarter of 2026, valued of N12.91trn and accounting for 47.79% of total exports. Further analysis reveals that non-crude oil exports were valued at N14.10tr, representing 52.21% of total exports, of which non oil products contributed N3.72trn, or 13.80% of total exports.”
It noted that 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 most imported commodities during the quarter were Motor Spirit Ordinary, petroleum oils and oils obtained from bituminous minerals (crude), durum wheat, used vehicles with diesel or semi-diesel engines and Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity.
Also, the value of agricultural goods imported in Q2 2026 stood at N1.20trn, representing a 1.63% increase compared to N1.18trn recorded in Q2 2025, and a 45.43% increase relative to N827.72 billion recorded in Q1 2026.
“In the same period, the import value of raw material goods was N1.79trn, representing a 4.11% increase from N1.71trn in Q2 2025, and a 13.12% increase compared to N1.582.36trn in the preceding quarter (Q1 2026). Solid mineral imports were valued at N56.99bn, representing a 19.60% decrease from N70.88bn billion in Q2 2025 and 18.30% decrease compared to N69.75bn recorded in Q1 2026.
