Economy
Nigeria’s Trade Surplus Widens to N12.6trn on Higher Exports
By Adedapo Adesanya
Nigeria’s trade surplus widened to N12.6 trillion in the second quarter of 2026 as the total trade value hit N41.44 trillion, according to the National Bureau of Statistics (NBS) on Monday.
According to the Foreign Trade in Goods Statistics (Q2 2026), the value of total imports stood at N14,424 trillion in the review period, while total exports were valued at N27.02 trillion. With a higher export value than imports, the country’s surplus widened further in the period under review.
Total exports in the reviewed month jumped 18.8 per cent when compared with the N22.75 trillion achieved in the corresponding quarter of 2025, and 27.6 per cent higher than the N21.17 trillion recorded in Q1 2026.
Total exports accounted for 65.2 per cent of total trade within the period, with imports taking 34.8 per cent of the trading pie.
China remained Nigeria’s leading source of imports in the second quarter of 2026, followed by the United States of America, India, the Netherlands, and Germany.
The most imported commodities during the quarter were standard petrol, petroleum oils and oils obtained from bituminous minerals (crude), durum wheat, used vehicles with diesel or semi-diesel engines and motorcycles.
In Q2 2026, Nigeria’s top five trading export partners were India, Spain, the Netherlands, the United States of America and Togo.
The most exported commodities were crude oil, kerosene-type jet fuel, natural gas, urea, whether or not in aqueous solution, and other petroleum gases in a gaseous state.
Analysis shows that crude oil remained Nigeria’s major exported commodity in the second quarter of 2026, with the value at N12.91 trillion, which is 7.9 per cent higher than the N11.96 trillion recorded in Q2 2025 and 15.3 per cent higher than N11.20 trillion in the preceding quarter.
Other oil product exports in Q2 2026 stood at N10.38 trillion, showing an increase of 34.08 per cent from N7.74 trillion in Q2 2025 and an increase of 53.05 per cent from N6.78 trillion in Q1 2026.
