Market News

Nigeria’s trade surplus widened significantly in the second quarter of 2026 as the value of exports rose sharply while imports declined year-on-year, according to the latest trade data, according to data on Foreign Trade in goods Statistics (Q2 2026) released yesterday by the National Bureau of Statistics (NBS).

In the period referenced, total exports stood at N27.02 trillion, representing 18.77 per cent increase from N22.75 trillion recorded in the corresponding quarter of 2025 and a 27.64 per cent rise from N21.17 trillion in Q1 2026.

By contrast, total imports fell to N14.42 trillion during the quarter, down 12.55 per cent from N16.49 trillion recorded in Q2 2025, although the figure represented a 5.91 per cent increase from N13.62 trillion in Q1 2026. The figures indicate a trade surplus of about N12.60 trillion during the quarter, underscoring the stronger performance of Nigeria’s external trade.

China remained Nigeria’s leading source of imports during the period, followed by the United States, India, the Netherlands and Germany. The major imported commodities included Motor Spirit Ordinary, crude petroleum oils, durum wheat, used diesel or semi-diesel vehicles, and motorcycles and cycles fitted with auxiliary petrol engines.

Further analysis showed that manufactured goods accounted for the largest share of imports at N9.51 trillion, representing a 20.65 per cent increase from N7.88 trillion in Q2 2025 and a 12.10 per cent rise from N8.48 trillion in Q1 2026. Imports of raw materials stood at N1.79 trillion, up 4.11 per cent year-on-year and 13.12 per cent quarter-onquarter.

Agricultural imports also increased to N1.20 trillion, representing a 1.63 per cent rise from Q2 2025 and a substantial 45.43 per cent increase from Q1 2026. However, imports of solid minerals declined to N56.99 billion, falling by 19.60 per cent year-on-year and 18.30 per cent from the preceding quarter.

Imports of other oil products stood at N1.08 trillion, representing a sharp 73.08 per cent decline from Q2 2025, although the figure was 43.71 per cent higher than the previous quarter. India, Spain, the Netherlands, the United States and Togo emerged as Nigeria’s leading export destinations in Q2 2026. Crude oil remained the country’s dominant export, valued at N12.91 trillion.

The figure represented a 7.93 per cent increase from N11.97 trillion in Q2 2025 and a 15.28 per cent rise from N11.20 trillion in Q1 2026. Other oil products also recorded strong growth, rising to N10.38 trillion from N7.74 trillion a year earlier and N6.78 trillion in Q1 2026. Natural gas, kerosenetype jet fuel and urea were among the other major commodities exported