Nigeria’s Trade Gap Swings Further Into Surplus As Exports Hit N27tn In Q2

By Opeyemi Adelakun

Nigeria’s merchandise trade position strengthened sharply in the second quarter of 2026 as exports surged above imports, leaving the country with a N12.6tn trade surplus, fresh figures from the National Bureau of Statistics have shown.

The development came amid a substantial expansion in Nigeria’s overall trade activity, which rose to N41.44tn during the quarter.

According to the NBS Foreign Trade in Goods Statistics report released on Monday, the Q2 trade surplus represented a 101.32 per cent increase from the corresponding period of 2025.

The bureau also recorded a 19.13 per cent rise in total merchandise trade from the N34.78tn reported in Q1 2026.

“The merchandise trade balance remained positive at ₦12,596.86 billion in Q2 2026, representing a 101.32 per cent increase compared with the value recorded in the corresponding quarter of 2025,” the NBS said.

Nigeria’s export performance was the major driver of the positive balance, with exports valued at N27.02tn during the quarter.

The figure represented 65.20 per cent of total merchandise trade and marked an 18.77 per cent increase from the N22.75tn recorded in Q2 2025.

Exports also climbed 27.64 per cent compared with the N21.17tn recorded in Q1 2026.

While crude oil continued to dominate individual export products, accounting for N12.91tn or 47.79 per cent of total exports, the broader non-crude category recorded a higher aggregate value.

Non-crude exports stood at N14.10tn, representing 52.21 per cent of Nigeria’s total exports in the quarter.

The NBS further reported that non-oil products contributed N3.72tn, accounting for 13.80 per cent of total exports.

On the other side of the trade equation, Nigeria’s merchandise imports amounted to N14.42tn, significantly below the country’s export value.

Imports represented 34.80 per cent of total merchandise trade and fell by 12.55 per cent compared with the N16.49tn recorded in Q2 2025.

However, imports increased moderately from the N13.61tn recorded in Q1 2026, representing a 5.91 per cent quarterly rise.

China remained the most significant supplier to the Nigerian market, with goods imported from the Asian country valued at N5.91tn.

The Chinese figure represented 41.02 per cent of Nigeria’s entire import bill for the quarter.

The United States followed at a distant second with N1tn, accounting for 6.97 per cent, while India supplied N924.46bn worth of goods, representing 6.41 per cent.

The Netherlands recorded N409.81bn in exports to Nigeria, representing 2.84 per cent of total imports, while Germany supplied goods worth N395.87bn, accounting for 2.74 per cent.