Nigeria's trade surplus doubles to N12.6tn as exports hit N27.02tn
By Aboki Forex —
Nigeria's merchandise trade surplus more than doubled to N12.60tn in the second quarter of 2026, the National Bureau of Statistics has said. The NBS Foreign Trade in Goods Statistics report published on Monday put total merchandise trade at N41.44tn, up 5.61 per cent from N39.24tn in Q2 2025 and 19.13 per cent from N34.79tn in Q1 2026.
Exports rise, imports fall
Exports accounted for 65.20 per cent of total trade at N27.02tn, rising 18.77 per cent from N22.75tn a year earlier and 27.64 per cent from N21.17tn in the preceding quarter. Imports stood at N14.42tn, representing 34.80 per cent of total trade. That was 12.55 per cent lower than N16.49tn in Q2 2025, though 5.91 per cent higher than N13.62tn in Q1 2026.
The NBS said, "The merchandise trade balance remained positive at N12.6tn in Q2 2026, representing a 101.32 per cent increase compared with the value recorded in the corresponding quarter of 2025."
Crude oil remained Nigeria's largest export, generating N12.91tn and accounting for 47.79 per cent of total exports. That was up 7.93 per cent year-on-year and 15.28 per cent quarter-on-quarter. Non-crude oil exports were valued at N14.11tn, or 52.21 per cent of exports, but non-oil products contributed only N3.73tn, or 13.80 per cent. Other petroleum product exports climbed 34.08 per cent year-on-year to N10.38tn and jumped 53.05 per cent from N6.78tn in Q1.
Top markets and import suppliers
India was Nigeria's biggest export destination, receiving goods worth N3.29tn, or 12.17 per cent of total exports. Spain followed with N1.98tn, the Netherlands with N1.90tn, the United States with N1.73tn and Togo with N1.50tn. The five markets accounted for 38.51 per cent of exports. By region, Asia received N8.72tn, Europe N8.07tn and Africa N6.65tn.
On imports, China remained dominant, supplying N5.92tn or 41.02 per cent of total imports. The United States followed with N1.01tn, while India supplied goods worth N924.46bn.
Manufactured goods trade stayed heavily imbalanced. Manufactured imports rose 20.65 per cent year-on-year to N9.51tn, while manufactured exports fell 51.10 per cent to N393.03bn, leaving a deficit of about N9.12tn. Agricultural exports declined 36.09 per cent to N802.99bn, while agricultural imports rose to N1.20tn. Leading farm exports were cashew nuts in shell at N268.62bn, standard-quality cocoa beans at N154.31bn and sesame seeds at N96.03bn.
Raw materials exports rose 181.24 per cent year-on-year to N2.31tn, and solid mineral exports increased 90.03 per cent to N146.91bn.
Ports and trade routes
Nigeria ran a substantial surplus with African countries, exporting N6.65tn against imports of N1.10tn. Togo was the largest African destination at N1.50tn, followed by South Africa at N1.34tn and Côte d'Ivoire at N1.22tn.
Maritime transport handled 98.99 per cent of exports and 94.74 per cent of imports. Apapa Port processed N19.07tn or 70.57 per cent of exports and N6.46tn or 44.76 per cent of imports. Lekki Deep Sea Port handled N5.03tn of exports, while Tin Can Island Port processed N2.17tn of imports.