Nigeria records N12.60trn trade surplus in Q2 2026, NBS data shows
By Aboki Forex —
Nigeria posted a trade surplus of N12.60 trillion in the second quarter of 2026, as export earnings far outstripped imports, according to new data from the National Bureau of Statistics (NBS). Total merchandise trade hit N41.44 trillion between April and June 2026.
The NBS report, titled “Foreign Trade in Goods Statistics Q2 2026,” shows total trade rose 5.61% from N39.24 trillion in Q2 2025 and 19.13% above the N34.79 trillion recorded in Q1 2026.
Exports and crude oil dominate
Exports accounted for 65.20% of total trade at N27.02 trillion, rising 18.77% from N22.75 trillion in Q2 2025 and 27.64% from N21.17 trillion in Q1 2026.
Crude oil remained the largest single export, with sales valued at N12.91 trillion, representing 47.79% of all exports. That is a 7.93% increase from Q2 2025 and a 15.28% rise from Q1 2026. Other oil products also grew strongly, climbing 34.08% year-on-year to N10.38 trillion.
Non-crude oil exports stood at N14.11 trillion, making up 52.21% of total exports, while non-oil products contributed N3.73 trillion.
Top partners and imports
India was Nigeria’s top export destination, receiving goods worth N3.29 trillion. Spain, the Netherlands, the United States, and Togo followed, with the five countries collectively accounting for 38.51% of total exports.
On the import side, China remained the dominant supplier, providing goods worth N5.92 trillion, or 41.02% of Nigeria’s total imports. The United States, India, the Netherlands, and Germany completed the top five.
Total imports came in at N14.42 trillion, 12.55% lower than the N16.49 trillion recorded in Q2 2025, though slightly above the N13.62 trillion from the previous quarter.
Machinery and transport equipment was 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 Q2 2026, a 36.09% decline from N1.26 trillion in Q2 2025 and 31.51% below Q1 2026. Cashew nuts in shell led agricultural exports at N268.62 billion, followed by cocoa beans at N154.31 billion and sesame seeds at N96.03 billion.
In contrast, raw material exports surged 181.24% year-on-year to N2.31 trillion. Urea alone accounted for N1.07 trillion of that total, exported primarily to the United States.
Solid mineral exports also grew strongly, rising 90.03% year-on-year to N146.91 billion. Manufactured goods exports, however, declined 51.10% year-on-year to N393.03 billion, although the figure was 29.87% higher than Q1 2026.
The government has frowned on exporting unprocessed raw materials. Minister of Innovation, Science and Technology, Dr Kingsley Udeh, said at a Raw Materials Research and Development Council conference in Abuja that his ministry is committed to ensuring Nigeria benefits more from its natural endowments through value addition and job creation.
For the naira and the broader economy, the widening trade surplus supports external reserves and could ease pressure on the currency. But the slump in agricultural exports and continued dominance of crude and raw materials keep the spotlight on Nigeria’s slow diversification away from primary products.