Nigeria records N12.6tn surplus as total trade hits N41.44tn

Nigeria's total trade value reached N41.44 trillion in the second quarter of 2026, with exports surpassing imports, according to the National Bureau of Statistics (NBS). The Foreign Trade in Goods Statistics for Q2 2026 revealed that exports totaled N27.02 trillion, while imports were valued at N14.42 trillion, resulting in a substantial trade surplus of N12.60 trillion.

Crude oil remained a dominant force in Nigeria's export earnings, contributing N12.91 trillion, or 47.79% of total exports. Petroleum oil products followed with N10.38 trillion, accounting for 38.40% of exports, while raw materials goods contributed N2.31 trillion, or 8.53% of the total. Agricultural goods contributed N802.99 billion, manufactured goods stood at N393.03 billion, solid minerals goods added N146.91 billion, and energy goods accounted for N81.35 billion.

On the import side, manufactured goods dominated at N9.51 trillion, making up 65.94% of total imports. Raw materials goods accounted for N1.79 trillion, agricultural goods contributed N1.20 trillion, other petroleum oil products contributed N1.08 trillion, crude oil imports stood at N786.73 billion, solid minerals goods contributed N56.99 billion, and energy goods recorded a negligible N70 million in imports.

These figures highlight Nigeria's continued reliance on crude oil and petroleum products for export earnings, while manufactured and agricultural goods represent a larger share of the country's imports.