Nigeria recorded a trade surplus of N12.60 trillion in the second quarter of 2026 after export earnings substantially exceeded imports, according to data from the National Bureau of Statistics. Total merchandise trade reached N41.44 trillion between April and June.
The bureau’s Foreign Trade in Goods Statistics for the second quarter of 2026 show that overall trade rose 5.61 per cent from N39.24 trillion in the same period of 2025 and 19.13 per cent from the N34.79 trillion recorded in the first quarter of 2026.
Exports Led by Crude Oil
Exports accounted for 65.20 per cent of total trade at N27.02 trillion. That was 18.77 per cent higher than the N22.75 trillion recorded in the second quarter of 2025 and 27.64 per cent above the N21.17 trillion posted in the first quarter of 2026.
Crude oil remained the single largest export, valued at N12.91 trillion and representing 47.79 per cent of all exports. Crude sales rose 7.93 per cent from the second quarter of 2025 and 15.28 per cent from the previous quarter. Other oil products also expanded strongly, climbing 34.08 per cent year-on-year to N10.38 trillion.
Non-crude oil exports stood at N14.11 trillion, or 52.21 per cent of total exports, while non-oil products contributed N3.73 trillion.
Main Trading Partners
India was Nigeria’s top export destination, receiving goods worth N3.29 trillion. Spain, the Netherlands, the United States and Togo followed; together the five countries accounted for 38.51 per cent of total exports.
On the import side, China remained the dominant supplier, providing goods valued at N5.92 trillion, or 41.02 per cent of Nigeria’s total imports. The United States, India, the Netherlands and Germany completed the top five sources.
Total imports came to N14.42 trillion, 12.55 per cent lower than the N16.49 trillion recorded in the second quarter of 2025, though slightly above the N13.62 trillion from the preceding quarter. Machinery and transport equipment formed the largest import category at N5.46 trillion, followed by chemicals at N2.51 trillion and manufactured goods at N1.87 trillion.
Agricultural Exports Fall, Raw Materials Surge
Agricultural exports dropped sharply to N802.99 billion in the second quarter of 2026, a 36.09 per cent decline from N1.26 trillion a year earlier and 31.51 per cent below the first-quarter figure. Cashew nuts in shell led the category at N268.62 billion, followed by cocoa beans at N154.31 billion and sesame seeds at N96.03 billion.
By contrast, raw material exports surged 181.24 per cent year-on-year to N2.31 trillion. Urea alone accounted for N1.07 trillion of that total and was exported primarily to the United States. Solid mineral exports also grew strongly, rising 90.03 per cent year-on-year to N146.91 billion.
Manufactured goods exports declined 51.10 per cent year-on-year to N393.03 billion, although the figure was 29.87 per cent higher than in the first quarter of 2026.
The government has continued to discourage the export of unprocessed raw materials. Minister of Innovation, Science and Technology Dr Kingsley Udeh told a Raw Materials Research and Development Council conference in Abuja that his ministry is committed to ensuring Nigeria gains more from its natural resources through value addition and job creation.
Implications for the Economy
The widening trade surplus supports external reserves and could help ease pressure on the naira. At the same time, the sharp decline in agricultural exports and the continued dominance of crude oil and raw materials keep attention focused on the slow pace of diversification away from primary products.
