Nigeria’s trade surplus peaked at N12trn in Q2 2026, …. NBS

• 5.61% y/y increase

BY BONNY AMADI

The National Bureau of Statistics (NBS) says Nigeria recorded a N12.59 trillion merchandise trade surplus in the second quarter (Q2) of 2026.

In its foreign trade statistics report on Monday, the NBS said total merchandise trade stood at N41.44 trillion in Q2 2026, representing a 5.61 per cent increase from N39.24 trillion recorded in the corresponding period of 2025.

The merchandise trade balance remained positive at N12,596.86 billion in Q2 2026, representing a 101.32% increase compared with the value recorded in the corresponding quarter of 2025,” the report said.

The statistics office added that the figure also increased by 19.13 per cent compared to N34.78 trillion recorded in the preceding quarter (Q1 2026).

“In the quarter under review, exports accounted for 65.20% of total trade valued at N27,020.88 billion,” NBS said.

“This represents an 18.77% increase from the N22,750.74 billion recorded in the corresponding quarter of 2025 and a 27.64% increase from N21,169.27 billion values recorded in Q1 2026.”

According to the NBS, crude oil remained Nigeria’s major exported commodity in Q2 2026, valued at N12.91 trillion and accounting for 47.79 per cent of total exports.

The report added that non-crude oil exports stood at N14.10 trillion, accounting for 52.21 per cent of total exports, while non-oil products contributed N3.72 trillion or 13.80 percent of total exports.

On the import side, the statistics firm said imports accounted for 34.80 per cent of total trade, with a value of N14.42 trillion in Q2 2026.

The figure represents a 12.55 per cent decrease compared to N16.49 trillion recorded in Q2 2025, and a 5.91 per cent increase from N13.61 trillion recorded in Q1 2026.

Analysis by the statistics firm showed that China remained the country’s largest source of imports, with goods valued at N5.91 trillion, representing 41.02 per cent of total imports.