NBS: Nigeria Records N12.60trn Trade Surplus in Q2 2026
- New NBS data showed Nigeria's total merchandise trade reached N41.44 trillion between April and June 2026
- Crude oil exports hit N12.91 trillion, making up nearly half of all goods Nigeria sold abroad during the quarter
- Agricultural exports dropped sharply by 36.09% year-on-year, even as raw material exports surged by 181.24%
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria posted a trade surplus of N12.60 trillion in the second quarter of 2026, as the value of goods exported far outpaced imports, according to new data from the National Bureau of Statistics (NBS).
The bureau's report, titled "Foreign Trade in Goods Statistics Q2 2026," put Nigeria's total merchandise trade at N41.44 trillion for the April to June 2026 period.
Source: Twitter
That figure is 5.61% higher than the N39.24 trillion recorded in the same quarter of 2025 and 19.13% above the N34.79 trillion posted in Q1 2026.
Exports accounted for 65.20% of total trade at N27.02 trillion, rising 18.77% from N22.75 trillion in Q2 2025 and 27.64% from N21.17 trillion in Q1 2026.
Total imports came in at N14.42 trillion, which was 12.55% lower than the N16.49 trillion recorded in Q2 2025, though slightly higher than the N13.62 trillion from the previous quarter.
Crude Oil and Energy Products Drive Export Growth
Crude oil remained the single largest export commodity, with sales valued at N12.91 trillion and accounting for 47.79% of all exports. That represents a 7.93% increase from Q2 2025 and a 15.28% rise from Q1 2026.
Other oil products also saw strong growth, climbing 34.08% year-on-year to N10.38 trillion. Non-crude oil exports stood at N14.11 trillion, making up 52.21% of total exports, while non-oil products contributed N3.73 trillion.
India was Nigeria's top export destination, receiving goods worth N3.29 trillion.
Spain, the Netherlands, the United States, and Togo followed, with the five countries collectively accounting for 38.51% of Nigeria's total exports.
On the import side, China remained the dominant supplier, providing goods worth N5.92 trillion or 41.02% of Nigeria's total imports.
The United States, India, the Netherlands, and Germany rounded out the top five.
Machinery and transport equipment was the largest import category at N5.46 trillion, followed by chemicals at N2.51 trillion and manufactured goods at N1.87 trillion.
Source: Twitter
Agricultural Exports Fall While Raw Materials Surge
Agricultural exports fell sharply to N802.99 billion in Q2 2026, a 36.09% drop from N1.26 trillion in Q2 2025 and 31.51% below Q1 2026 figures.
Cashew nuts in shell led agricultural exports at N268.62 billion, followed by cocoa beans at N154.31 billion and sesame seeds at N96.03 billion.
By contrast, raw material exports surged 181.24% year-on-year to N2.31 trillion, with urea alone accounting for N1.07 trillion of that total, exported primarily to the United States.
Solid mineral exports also grew strongly, rising 90.03% year-on-year to N146.91 billion.
Manufactured goods exports declined 51.10% year-on-year to N393.03 billion, although the figure was 29.87% higher than in Q1 2026.
FG frowns on the export of unprocessed raw materials
Earlier, Legit.ng reported that the federal government has frowned upon the export of unprocessed raw materials from the country, noting that investors and exporters must process raw materials locally before exporting to international markets.
The Minister of Innovation, Science and Technology, Dr Kingsley Udeh, disclosed this during a national advocacy and sensitisation conference organised by the Raw Materials Research and Development Council (RMRDC) in Abuja.
Udeh said his ministry is committed to ensuring that the country benefits more from its natural endowments through value addition and job creation.
Source: Legit.ng
