The National Bureau of Statistics (NBS) on Monday said the country posted a merchandise trade surplus of N12.6 trillion in the second quarter of 2026, driven by a jump in exports led by crude oil.
NBS in its foreign‑trade report said total merchandise trade exports plus imports was N41.44 trillion in Q2, up 5.6% from N39.24 trillion a year earlier.
Exports accounted for roughly 65.2% of that total, rising 18.8% year‑on‑year to N27.02 trillion and climbing 27.6% from the N21.17 trillion recorded in Q1.
“The merchandise trade balance remained positive at ₦12,596.86 billion in Q2 2026, representing a 101.32% increase compared with the value recorded in the corresponding quarter of 2025,” the NBS said.
Crude oil remained the country’s largest export, valued at N12.91 trillion and comprising about 47.8% of total exports.
Non‑crude exports totaled N14.10 trillion (52.2% of exports), while non‑oil products contributed N3.72 trillion, or 13.8% of exports.
On the import side, the NBS reported imports of N14.42 trillion in Q2, accounting for 34.8% of total trade. That figure was down 12.6% from N16.49 trillion in Q2 2025 but up 5.9% from Q1 2026’s N13.61 trillion.
China remained the nation’s largest supplier, providing goods worth N5.91 trillion—about 41.0% of total imports.
The United States was the second‑largest source at roughly N1.00 trillion (6.97%), followed by India (N924.46 billion, 6.41%), the Netherlands (N409.81 billion, 2.84%) and Germany (N395.87 billion, 2.74%).
