Manufactured goods export Declines 51.10% y/ y to N393.03bn

• As Trade Surplus Widens in Q2 2026 with Stronger Crude Export Earnings
• Imports increase 20.65% y/y to N9.51trn

BY BONNY AMADI

The Nigerian manufacturing sector continues to battle with the harsh realities of the operating environment, which continue to weaken prospects and productivity. This strongly manifested in the latest data released by the Nigerian Bureau of Statistics (NBS), which shows that manufacturing trade position remains a significant structural concern.

According to the report, manufactured goods exports declined sharply by 51.10% year-on year to N393.03 billion, although they recovered 29.87% from Q1.

In contrast, manufactured goods imports increased by 20.65% year-on-year to N9.51 trillion. This translates into an estimated manufacturing trade deficit of more than N9.1 trillion in Q2.

The disparity demonstrates the extent to which Nigeria continues to depend on imported manufactured products even while recording a substantial overall trade surplus.

With crude still as dominant export, Nigeria’s latest NBS data showed that the country’s external trade position strengthened considerably in the second quarter of 2026, as a strong increase in exports widened the country’s merchandise trade surplus.

The latest data showed total merchandise trade at N41.44 trillion in Q2 2026, representing a 5.61% increase from N39.24 trillion in Q2 2025 and a 19.13% rise from N34.79 trillion in Q1 2026.

For the first half of the year, total merchandise trade stood at N76.23 trillion, marginally below the N76.49 trillion recorded in H1 2025.

The stronger trade position was largely driven by exports. Total exports rose to N27.02 trillion in Q2, accounting for 65.20% of total trade.

This was 18.77% higher than the N22.75 trillion recorded in the corresponding period of 2025 and 27.64% above Q1 2026. Imports, meanwhile, stood at N14.42 trillion, representing 34.80% of total trade.

This implies a quarterly trade surplus of approximately N12.60 trillion. On a half-year basis, exports reached N48.19 trillion, while imports amounted to N28.04 trillion, resulting in a trade surplus of about N20.15 trillion, almost twice the N10.21 trillion recorded in H1 2025.

The widening surplus is positive for Nigeria’s external position, particularly because stronger export receipts can improve foreign-exchange liquidity and provide support for the naira. However, the composition of the trade balance remains an important consideration, as petroleum continues to dominate export earnings.

Crude oil exports were valued at N12.91 trillion in Q2 2026, representing 47.79% of total exports. The value increased by 7.93% year-on-year and 15.28% quarter on-quarter.