- Nigeria’s Non-Crude Oil Exports Overtake Crude Oil For First Time
- Tinubu Reforms Pushed Nigeria’s Trade Surplus To 11th Consecutive Increase — Presidency
Nigeria’s merchandise trade roared back strongly in the second quarter of 2026, climbing to ₦41.44 trillion as exports surged and continued to dwarf the nation’s import bill.
Fresh data released by the National Bureau of Statistics (NBS) showed that total merchandise trade increased by 5.61 per cent from ₦39.24 trillion recorded in Q2 2025 and jumped 19.13 per cent from ₦34.79 trillion in Q1 2026.
The figures point to a strengthening external sector, driven by robust export earnings and a comparatively lower import bill.
Exports accounted for 65.20 per cent of total trade in Q2 2026, reaching ₦27.02 trillion, while imports stood at ₦14.42 trillion, representing 34.80 per cent of total trade.
According to the NBS, exports rose by 18.77 per cent year-on-year, from ₦22.75 trillion in Q2 2025, while quarter-on-quarter growth stood at 27.64 per cent, up from ₦21.17 trillion in Q1 2026.
The statistics agency said crude oil remained Nigeria’s biggest single export commodity, generating ₦12.91 trillion, equivalent to 47.79 per cent of total exports
However, non-crude exports outperformed crude oil in aggregate, contributing ₦14.11 trillion, or 52.21 per cent of total exports. Within this category, non-oil products accounted for ₦3.73 trillion, representing 13.80 per cent of exports.
Mineral products dominated Nigeria’s export basket at ₦23.52 trillion, accounting for 87.04 per cent of total exports.
They were followed by products of the chemical and allied industries, valued at ₦2.14 trillion, or 7.91 per cent, while vegetable products contributed ₦516.70 billion, representing 1.91 per cent.
On the import side, machinery and transport equipment led with ₦5.46 trillion, accounting for 37.83 per cent of total imports.
Chemicals and related products followed with ₦2.51 trillion, representing 17.43 per cent, while manufactured goods stood at ₦1.87 trillion, or 12.99 per cent.
Asia remained Nigeria’s dominant import source, supplying goods worth ₦8.56 trillion, representing 59.37 per cent of total imports
Europe accounted for ₦3.06 trillion, or 21.25 per cent, while imports from the Americas stood at ₦1.59 trillion, representing 11.03 per cent.
Imports from Africa were valued at ₦1.10 trillion, with ECOWAS countries accounting for ₦269.06 billion, or 24.37 per cent of imports from the continent.
Nigeria’s exports also found their biggest market in Asia, which absorbed ₦8.72 trillion, equivalent to 32.29 per cent of total exports.
Europe followed closely with ₦8.07 trillion, representing 29.87 per cent, while Africa took ₦6.65 trillion, or 24.62 per cent.
Exports to the Americas amounted to ₦3.11 trillion, while Oceania accounted for ₦459.96 billion.
Within Africa, ECOWAS member states remained a major destination, taking ₦3.75 trillion, representing 56.39 per cent of Nigeria’s exports to the continent.
India emerged as Nigeria’s single largest export destination, receiving goods worth ₦3.29 trillion, representing 12.17 per cent of total exports during the quarter.
The widening gap between exports and imports further strengthened Nigeria’s trade position.
The country recorded a ₦7.55 trillion merchandise trade surplus in Q1 2026, representing a staggering 340.88 per cent increase from the ₦1.71 trillion surplus recorded in Q4 2025.
The strong performance reflects improved foreign earnings from oil exports, rising contributions from non-oil products and a lower import burden, particularly from petroleum products.
The NBS figures also showed that trade remained a significant pillar of economic activity, contributing 17.89 per cent to Nigeria’s GDP in Q1 2026.
Although the contribution was slightly below the 18.21 per cent recorded in Q1 2025, it was higher than the 16.84 per cent posted in Q4 2025.
The latest figures underscore a significant strengthening of Nigeria’s external trade position, with exports increasingly providing the firepower behind the country’s merchandise trade performance.
Reacting to the development, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described it as another major victory for President Bola Tinubu’s economic reforms.
Onanuga said Nigeria’s total merchandise trade climbed to ₦41.44 trillion in Q2 2026, representing a 5.61 per cent increase from the ₦39.24 trillion recorded in the corresponding quarter of 2025.
The figure also represents a sharp 19.13 per cent rise from the ₦34.79 trillion recorded in the first quarter of 2026.
According to Onanuga, exports accounted for about ₦27 trillion, while imports stood at ₦14.4 trillion, resulting in the massive trade surplus.
He said the latest figures marked the 11th consecutive trade surplus since Tinubu assumed office in May 2023, and the 14th consecutive surplus since the fourth quarter of 2022.
“Another win for President Tinubu’s reforms as trade surplus surges,” Onanuga declared while highlighting the latest trade figures.
Breaking down the export performance, Onanuga said non-oil exports accounted for ₦14.1 trillion, while crude oil exports stood at ₦12.9 trillion.
He added that non-oil imports amounted to ₦3.72 trillion.
The presidential aide said the sustained trade surpluses underscored the significant expansion in Nigeria’s trade volume under the Tinubu administration.
“Under President Tinubu, trade volume has increased significantly,” Onanuga said.
The latest figures come amid the Federal Government’s push to rebalance Nigeria’s economy, boost exports and reduce dependence on imports, with the administration increasingly pointing to stronger external trade numbers as evidence of progress under its reform programme.
The Q2 performance, Onanuga maintained, further strengthens the administration’s case that its economic policies are beginning to translate into stronger trade outcomes, with exports continuing to outpace imports by a wide margin.
