Nigeria’s total merchandise trade climbed to N41.44 trillion in the second quarter of 2026, expanding 19.13% from the preceding quarter as robust export earnings propelled the nation’s trade surplus to N12.60 trillion.
According to the latest foreign trade statistics released by the National Bureau of Statistics, total exports outpaced imports significantly, reaching N27.02 trillion against N14.42 trillion recorded during the review period.
Crude oil exports remained the primary foreign exchange earner at N12.91 trillion, representing 47.79% of total exports, bolstered by aggressive central bank reserve accumulation and stabilization initiatives.
Other petroleum oil products also recorded massive outbound shipments worth N10.38 trillion, pushing total non-crude oil exports to N14.11 trillion and reflecting structural shifts in external trade.
Raw material goods contributed N2.31 trillion to exports, while agricultural goods brought in N802.99 billion, highlighting modest gains in non-oil diversification efforts amid persistent domestic inflationary pressures.
Conversely, the import structure remained heavily skewed toward manufactured goods, which gulped N9.51 trillion or 65.94% of total inbound shipments, underlining domestic industrial capacity gaps.
Raw material imports reached N1.79 trillion and food imports hit N1.20 trillion, emphasizing sustained local reliance on foreign agricultural and industrial inputs.
