Nigeria’s trade surplus widens as Q2 exports hit N27tn

… India, Spain, Netherlands top export destinations

Nigeria’s trade surplus expanded sharply, reaching N12.59 trillion in the second quarter of 2026, as total exports surged to N27.02 trillion, driven by massive growth in crude oil sales, raw material shipments, and refined petroleum products. The National Bureau of Statistics report has revealed this.

According to the latest foreign trade data, a 27.64 per cent quarter-on-quarter jump in exports easily outpaced a modest 5.91 per cent increase in imports, widening the nation’s trade balance and bolstering net external inflows despite lingering global economic pressures.

In the quarter under review, exports accounted for 65.20per centt of total trade valued at N27.02 trillion. This also represents an 18.77 per cent increase from the N22.750 trillion recorded in the corresponding quarter of 2025.

Analysis shows that crude oil remained Nigeria’s major exported commodity in the second quarter of 2026, valued at N12.914 trillion and accounting for 47.79 per cent of total exports, while non-crude oil exports were valued at N14.106 trillion, representing 52.21percent of total exports.

Exports by section showed that Nigeria exported mainly ‘mineral products’ valued at N23.519 trillion, or 87.04per centt of the total export val;e, this was followed by exports of ‘Products of the chemical and allied industries’ with N2.138 trillion and ‘Vegetable products,’ worth N516.70 billion, or 1.91 per cent of the value of total exports.

Exports by region show that Nigeria exported goods mainly to Asia, valued at N8.723 trillion, representing 32.29 per cent of total exports. This was followed by exports to Europe, valued at N8.072 trillion, representing 29.8 per cent of total exports.

Exports to America were valued at N3.11 trillion, representing 11 per cent of total exports, while exports to Oceania were valued at N459.96 billion, representing 1 per cent of total exports.

Analysis of exports by trading partners revealed that during the quarter under review, India was the leading export destination, with exports valued at N3.289 trillion; this was followed by Spain, with N1.983 trillion and the Netherlands with N1.904 trillion.

Exports to the United States of America stood at N1.729 trillion, and exports to Togo at N1.498 trillion. Collectively, these five countries accounted for 38.51 per cent of the total value of exports in Q2 2026.

Nigeria’s exports to African countries stood at N6.653 trillion in the period, representing 24.62 per cent of total exports, of which goods exported to ECOWAS Member States were valued at N3.751 trillion, representing 56.39 per cent of total exports to Africa.

Nigeria’s exports to Africa were mainly to Togo with N1.498 trillion, South Africa with goods valued at N1.343 trillion, Ivory Coast with N1.215 trillion, Ghana with N461.36 billion, and Egypt with N455.81 billion, altogether representing 74.75 per cent of exports to Africa.

On the other hand, China retained its position as Nigeria’s top source of imports in Q2 2026, followed by the United States, India, the Netherlands, and Germany. Key import drivers included Motor Spirit Ordinary, crude petroleum oils, durum wheat, used diesel vehicles, and motorcycle CKDs.

Nigeria’s major import partners within Africa in Q2 2026 were Libya with N305.69 billion, Ghana with goods valued at N157.37 billion, Angola with N123.15 billion, South Africa with N113.54 billion and Cameroon with N63.13 billion.

Nigeria’s imports from African countries in Q2 2026 were mainly ‘Petroleum oils and oils obtained from bituminous minerals, crude’ worth N628.89 billion, ‘Crude palm oil’ valued at N68.46 billion and ‘Other additives for lubricating oils (excl. with petroleum oils)’ with N26.99 billion.

Others include: ‘Whole hides and skins, of a weight exceeding 16 kg valued at N24.97 billion ‘and Other vehicles for goods transport, petrol fuel, dumpers, CKD’ amounting to N17.20 billion, 11.5 per cent of total imports from African countries.

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