NIGERIA’S TRADE SURPLUS DOUBLES TO ₦12.6TN AS EXPORTS SURGE

 Nigeria’s merchandise trade surplus more than doubled to ₦12.6tn in the second quarter of 2026, driven by stronger exports and a decline in imports, according to the National Bureau of Statistics.

The NBS said total merchandise trade stood at ₦41.44tn during the quarter, representing a 5.61 per cent increase from ₦39.24tn recorded in the same period of 2025.

Exports accounted for ₦27.02tn, representing 65.20 per cent of total trade and an 18.77 per cent increase year-on-year. Imports, however, fell by 12.55 per cent to ₦14.42tn.

Crude oil remained Nigeria’s largest export, generating ₦12.91tn and accounting for 47.79 per cent of total exports. Other petroleum products also recorded significant growth, rising by 34.08 per cent year-on-year to ₦10.38tn.

India was Nigeria’s largest export destination, receiving goods worth ₦3.29tn, followed by Spain, the Netherlands, the United States and Togo.

China remained Nigeria’s biggest source of imports, supplying goods worth ₦5.92tn.

Despite the overall trade surplus, Nigeria recorded a manufactured goods trade deficit of about ₦9.12tn as manufactured imports increased while manufactured exports declined during the quarter.