Key Points
- Nigeria’s total merchandise trade rose to N41.44 trillion in Q2 2026.
- Exports accounted for 65.20 per cent of total trade, led by crude oil.
- Trade surplus more than doubled year-on-year to N12.59 trillion.
Main Story
Nigeria’s total merchandise trade increased to N41.44 trillion in the second quarter of 2026, representing a 19.13 per cent rise from the N34.79 trillion recorded in the first quarter.
The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics Report for Q2 2026 released in Abuja on Monday.
The latest figure was also 5.61 per cent higher than the N37.24 trillion recorded in the corresponding quarter of 2025.
Exports accounted for the larger share of trade during the quarter, reaching N27.02 trillion, or 65.20 per cent of total merchandise trade.
The value represented an 18.77 per cent increase from N22.75 trillion recorded in Q2 2025 and a 27.64 per cent rise from N21.16 trillion in Q1 2026.
Crude oil remained Nigeria’s largest export, with exports valued at N12.91 trillion, representing 47.79 per cent of total exports.
Non-crude oil exports amounted to N14.10 trillion, accounting for 52.21 per cent of exports, while non-oil products contributed N3.73 trillion, or 13.80 per cent of total exports.
India, Spain, the Netherlands, the United States and Togo were Nigeria’s leading export destinations during the quarter.
The major commodities exported included crude oil, kerosene-type jet fuel, natural gas, urea and other petroleum gases in gaseous form.
On the import side, Nigeria recorded N14.42 trillion in merchandise imports, representing 34.80 per cent of total trade.
Imports fell by 12.55 per cent from N16.49 trillion in Q2 2025 but increased by 5.91 per cent compared with N13.61 trillion in Q1 2026.
China remained Nigeria’s largest source of imports, followed by the United States, India, the Netherlands and Germany.
The leading imported commodities included motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals, durum wheat, used vehicles with diesel or semi-diesel engines and motorcycles.
The difference between exports and imports resulted in a merchandise trade surplus of N12.59 trillion in Q2 2026.
The NBS said the surplus represented a 101.32 per cent increase compared with the balance recorded in Q2 2025.
The Issues
The increase in total trade was driven by stronger export performance, particularly the rise in exports between the first and second quarters.
However, crude oil remained a major component of Nigeria’s export earnings, while non-oil products accounted for a smaller share of total exports. The import data also shows continued reliance on foreign goods, with China remaining the country’s largest import partner.
What’s Being Said
“Total exports in Q2 2026 also increased by 27.64 per cent when compared to Q1 2026, which was recorded at N21.16 billion.” – National Bureau of Statistics
“Total imports increased by 5.91 per cent when compared to the value recorded in Q1 2026 at N13.61 billion.” – National Bureau of Statistics
“The merchandise trade balance for Q2 2026 remained positive at N12.59 billion.” – National Bureau of Statistics
What’s Next
The NBS report provides the latest quarterly picture of Nigeria’s merchandise exports, imports and trading partners, with the next quarterly trade report expected to show whether the current export growth and trade surplus are sustained.
Bottom Line
Nigeria’s merchandise trade rose 19.13 per cent quarter-on-quarter to N41.44 trillion in Q2 2026, driven largely by higher exports. The country recorded a N12.59 trillion trade surplus during the quarter.
