Nigeria recorded its 11th consecutive quarterly trade surplus in the second quarter of 2026, with total merchandise trade rising to N41.44tn, according to the National Bureau of Statistics.

The latest figures, contained in the NBS Foreign Trade in Goods Statistics report for Q2 2026, showed that the country’s total trade increased by 5.61 per cent from N39.24tn recorded in the corresponding quarter of 2025.

On a quarter-on-quarter basis, trade also rose significantly by 19.13 per cent from N34.79tn recorded in the first quarter of 2026.

The development represents another positive indicator for the Federal Government’s economic reforms under President Bola Tinubu, particularly efforts aimed at strengthening Nigeria’s external trade position and increasing non-oil exports.

Trade surplus rises to N12.60tn

The NBS report showed that Nigeria exported goods worth N27.02tn during the quarter, while imports stood at N14.42tn, resulting in a trade surplus of N12.60tn.

The Q2 performance represents the 11th consecutive quarterly trade surplus since Tinubu assumed office in May 2023 and the 14th consecutive surplus since the fourth quarter of 2022.

“The sustained trade surplus reflects a significant improvement in Nigeria’s external trade position,” the latest figures indicate.

Analysts have linked the trend to stronger export earnings, particularly from non-crude exports, although they noted that Nigeria’s heavy reliance on manufactured imports remains a challenge.

Non-crude exports overtake crude oil

The data also revealed a notable shift in Nigeria’s export composition during the quarter, with non-crude oil exports valued at N14.11tn, higher than crude oil exports of N12.91tn.

Non-oil exports alone accounted for N3.73tn during the period.

Other petroleum oil products constituted the second-largest export category, valued at N10.38tn, representing 38.40 per cent of total exports.

The export breakdown was as follows:

• Crude oil — N12.91tn (47.79%)
• Other petroleum oil products — N10.38tn (38.40%)
• Raw materials — N2.31tn (8.53%)
• Agricultural goods — N802.99bn (2.97%)
• Manufactured goods — N393.03bn (1.45%)
• Solid minerals — N146.91bn (0.54%)
• Energy goods — N81.35bn (0.30%)

The performance suggests a growing contribution from non-crude exports to Nigeria’s foreign trade earnings, although crude oil and petroleum products continued to account for the bulk of export receipts.

Manufactured goods dominate imports

On the import side, manufactured goods remained the dominant component of Nigeria’s import bill, accounting for N9.51tn, or 65.94 per cent of total imports.

Raw materials followed with N1.79tn, representing 12.41 per cent, while agricultural goods accounted for N1.20tn, or 8.35 per cent.

Other petroleum oil products accounted for N1.08tn (7.45 per cent), while crude oil imports stood at N786.73bn (5.45 per cent).

Solid minerals accounted for N56.99bn, representing 0.40 per cent, while energy goods recorded N70m.

The continued dominance of manufactured imports means that, despite the widening trade surplus, Nigeria remains significantly dependent on foreign goods, with implications for foreign exchange demand and domestic industrial production.

Analysts see diversification gains

Analysts said the continued trade surplus could point to gradual diversification of Nigeria’s export base and improving non-oil export performance.

“The consistent trade surpluses reflect improving non-oil export earnings and a gradual diversification of Nigeria’s trade base,” analysts said.

However, they warned that the high value of manufactured imports remained a major challenge, stressing the need to strengthen domestic production and reduce dependence on imported finished goods.

The latest NBS figures therefore present a mixed picture: Nigeria is earning more from exports than it spends on imports, but the composition of both exports and imports highlights the need for deeper diversification, increased local manufacturing and stronger non-oil export capacity.