Nigeria’s total exports rose to ₦27.02 trillion in the second quarter of 2026, as stronger crude oil and other petroleum product exports helped push the country’s trade surplus to ₦12.60 trillion.
According to the latest Foreign Trade in Goods Statistics, total merchandise trade stood at ₦41.44 trillion in Q2 2026, representing a 5.61% increase from the ₦39.24 trillion recorded in the corresponding quarter of 2025 and a 19.13% rise from ₦34.79 trillion recorded in Q1 2026.
The report showed by the National Bureau of Statistics (NBS) on Monday, noted that that exports accounted for 65.20% of Nigeria’s total trade during the quarter, while imports accounted for 34.80%.
The resulting trade surplus of ₦12.60 trillion represented a 101.32% increase compared with the surplus recorded in Q2 2025.
The strong export performance was largely driven by crude oil and other oil products. Crude oil exports stood at ₦12.91 trillion, increasing by 7.93% from ₦11.97 trillion in Q2 2025 and by 15.28% from ₦11.20 trillion recorded in Q1 2026.
Similarly, exports of other oil products rose to ₦10.38 trillion, representing a 34.08% increase from ₦7.74 trillion in Q2 2025 and a 53.05% rise from ₦6.78 trillion in Q1 2026.
Combined, crude oil and other oil products accounted for about ₦23.29 trillion, or roughly 86% of Nigeria’s total exports during the quarter, underscoring the continued dominance of petroleum in the country’s export earnings.
Despite the strong overall export figures, the performance of Nigeria’s non-oil export categories was mixed.
The value of raw material exports recorded the strongest growth, rising to ₦2.31 trillion in Q2 2026. This represented an exceptional 181.24% increase from ₦819.72 billion in Q2 2025 and a 50.31% rise from ₦1.53 trillion in Q1 2026.
Solid mineral exports also recorded significant growth, reaching ₦146.91 billion, up 90.03% from ₦77.31 billion in Q2 2025 and 42.91% from ₦102.80 billion in Q1 2026.
However, agricultural exports declined considerably during the period. The value of agricultural goods exported stood at ₦802.99 billion, representing a 36.09% decline from ₦1.26 trillion recorded in Q2 2025 and a 31.51% decrease from ₦1.17 trillion in Q1 2026.
The decline came despite exports of major agricultural commodities such as cashew nuts, cocoa beans, sesame seeds and soya beans.
Manufactured exports also weakened, falling to ₦393.03 billion in Q2 2026. This represented a 51.10% decline from ₦803.81 billion recorded in Q2 2025, although the figure was 29.87% higher than the ₦302.64 billion recorded in Q1 2026.
On the import side, Nigeria recorded ₦14.42 trillion in imports during Q2 2026, down 12.55% from ₦16.49 trillion recorded in Q2 2025.
However, imports increased by 5.91% compared with the ₦13.62 trillion recorded in Q1 2026.
The decline in imports contributed significantly to the expansion of Nigeria’s trade surplus during the quarter, particularly as exports moved in the opposite direction.
Machinery and transport equipment constituted the largest import category at ₦5.46 trillion, accounting for 37.83% of total imports. This was followed by chemicals and related products at ₦2.51 trillion.
China remained Nigeria’s largest source of imports, accounting for 41.02% of total imports, followed by the United States, India, the Netherlands and Germany.
The Q2 figures highlight a significant improvement in Nigeria’s trade position, but they also demonstrate the country’s continued dependence on petroleum exports.
While raw materials and solid minerals recorded substantial year-on-year growth, agricultural and manufactured exports declined sharply. At the same time, crude oil and other oil products generated the overwhelming majority of Nigeria’s export earnings.
Nigeria ended the second quarter with a significantly stronger trade balance, but the structure of the figures suggests that the country’s external trade remains heavily dependent on oil and petroleum-related products.
