Nigeria Trade Surplus Jumps to N12.6trn in Q2 2026 on Stronger Exports
By Aboki Forex —
Nigeria's merchandise trade surplus widened to N12.60trn in Q2 2026, a 101.32% jump from the same quarter in 2025 and a 66.85% rise from the N7.55trn surplus recorded in Q1 2026. The National Bureau of Statistics data show exports rose sharply to N27.02trn, outpacing imports of N14.42trn.
The improvement was driven mainly by stronger crude oil and other oil product receipts, while the continued year-on-year decline in petroleum product imports also helped. Total merchandise trade stood at N41.44trn in Q2 2026, up 5.61% from N39.24trn a year earlier and 19.13% higher than the N34.79trn recorded in Q1 2026.
Exports Lead the Way
Total exports increased to N27.02trn in Q2 2026, an 18.77% year-on-year rise from N22.75trn and a 27.64% quarter-on-quarter increase from N21.17trn. Crude oil exports rose 7.93% YoY and 15.28% QoQ to N12.91trn, remaining Nigeria's largest export category and accounting for 47.79% of total exports.
Other oil product exports performed even more strongly, climbing 34.08% YoY and 53.05% QoQ to N10.38trn. The combined crude and other oil product performance was the principal driver of export earnings during the quarter.
Non-crude oil exports amounted to N14.11trn, or 52.21% of total exports. Within that, non-oil products contributed N3.73trn, equivalent to 13.80% of total exports. Leading export destinations were India, Spain, the Netherlands, the United States of America and Togo. Major exported commodities included crude oil, kerosene-type jet fuel, natural gas, urea, and other petroleum gases in gaseous form.
Agricultural exports declined to N802.99bn, down 36.09% YoY and 31.51% QoQ. But raw material exports rose sharply to N2.31trn, up 181.24% YoY and 50.31% QoQ. Solid mineral exports reached N146.91bn, a 90.03% YoY and 42.91% QoQ increase. Manufactured goods exports stood at N393.03bn, falling 51.10% YoY but rising 29.87% QoQ.
Imports Still Below Last Year's Level
Total imports stood at N14.42trn in Q2 2026, a 12.55% decline from N16.49trn in Q2 2025 but a 5.91% increase from N13.62trn in Q1 2026. China remained Nigeria's leading source of imports, followed by the United States, India, the Netherlands and Germany.
Major imported commodities included Motor Spirit Ordinary, petroleum oils and oils obtained from bituminous minerals. Other oil product imports stood at N1.08trn, a sharp 73.08% year-on-year decline, though the value increased 43.71% QoQ from N748.10bn. The substantial YoY reduction points to continued moderation in Nigeria's dependence on imported petroleum products.
Manufactured goods imports increased substantially to N9.51trn, up 20.65% YoY and 12.10% QoQ, showing continued reliance on imported manufactured products. Agricultural goods imports rose to N1.20trn, increasing 1.63% from N1.18trn in Q2 2025 and 45.43% from N827.72bn in Q1 2026. Raw material imports increased to N1.79trn, a 4.11% YoY and 13.12% QoQ rise. Solid mineral imports declined to N56.99bn, down 19.60% YoY and 18.30% QoQ.
What It Means for the Naira
The widening surplus is supportive of Nigeria's external liquidity and foreign-exchange position, as higher export receipts can strengthen the supply of foreign currency. But sustaining the surplus will depend on oil production, global prices, exchange-rate stability, and progress in expanding non-oil exports and domestic productive capacity.