Nigeria’s merchandise trade balance strengthened significantly in the second quarter of 2026, as the country recorded a N12.596 trillion trade surplus, driven by strong export earnings and a decline in imports compared with the same period last year.
The latest figures released by the National Bureau of Statistics (NBS) showed that the country’s total merchandise trade stood at N41.445 trillion during the quarter, comprising exports of about N27.021 trillion and imports valued at N14.424 trillion.
The NBS disclosed this in its Foreign Trade in Goods Statistics Report – Q2 2026, released on Monday.
According to the statistics agency, total trade increased by 5.61 per cent compared with the N39.244 trillion recorded in the second quarter of 2025. It also represented a stronger 19.13 per cent growth over the N34.789 trillion recorded in the first quarter of 2026.
The latest performance underscores the continued dominance of exports in Nigeria’s external merchandise trade, even as the country’s import bill moderated on a year-on-year basis.
In its overview of the quarter, the NBS said, “Nigeria’s total merchandise trade stood at N41.444.89 trillion in Q2 2026… The merchandise trade balance remained positive at N12.596.86 billion in Q2 2026.”
Exports accounted for 65.20 per cent of total merchandise trade during the quarter, with a value of approximately N27.021 trillion.
The export figure represented an 18.77 per cent increase from the N22.751 trillion recorded in the corresponding quarter of 2025. It was also 27.64 per cent higher than the N21.169 trillion recorded in the first quarter of 2026.
Crude oil remains dominant
Crude oil continued to occupy a central position in Nigeria’s export earnings during the period under review.
The commodity was valued at approximately N12.914 trillion, accounting for 47.79 per cent of total exports in the second quarter.
However, the figures also showed a significant contribution from exports outside crude oil. Non-crude oil exports amounted to about N14.107 trillion, representing 52.21 per cent of total exports.
Within this category, non-oil products contributed approximately N3.730 trillion, equivalent to 13.80 per cent of total exports.
The figures suggest that while crude petroleum remains one of the country's most important export earners, products outside the crude oil category are also playing an increasingly significant role in Nigeria’s external trade.
Import bill declines year-on-year
On the import side, Nigeria recorded a comparatively lower figure of N14.424 trillion, representing 34.80 per cent of total merchandise trade during the quarter.
The import figure declined by 12.55 per cent from the N16.494 trillion recorded in the second quarter of 2025.
However, imports increased by 5.91 per cent compared with the N13.619 trillion recorded in the first quarter of 2026.
The combination of higher exports and a lower year-on-year import bill helped widen Nigeria’s merchandise trade surplus during the quarter.
According to the NBS, the N12.596 trillion positive trade balance represented a 101.32 per cent increase compared with the trade balance recorded in the corresponding quarter of 2025.
Asia accounts for largest share of imports
Nigeria’s import sources remained heavily concentrated in Asia during the quarter, with the continent supplying goods worth approximately N8.564 trillion.
That represented 59.37 per cent of Nigeria’s total imports in Q2 2026, making Asia by far the country's largest source of imported merchandise.
Europe followed with imports valued at N3.064 trillion, representing 21.25 per cent of total imports.
Imports from the Americas stood at approximately N1.591 trillion, accounting for 11.03 per cent, while imports from Oceania were valued at about N100.97 billion, representing 0.70 per cent of the total.
African countries supplied goods worth approximately N1.104 trillion, equivalent to 7.65 per cent of Nigeria’s total imports.
Of that amount, imports from member states of the Economic Community of West African States (ECOWAS) were valued at approximately N269.06 billion, representing 24.37 per cent of Nigeria’s imports from Africa.
China remains Nigeria’s leading import source
At the country level, China maintained its position as Nigeria’s leading source of imports in the second quarter.
The NBS report stated: “Further analysis of Nigeria’s trading partners shows that imports from China were valued at ₦5,916.40 billion, representing 41.02% of total imports.”
The report showed that the United States ranked second, with imports valued at approximately N1.005 trillion, accounting for 6.97 per cent of total imports.
India followed with imports valued at about N924.46 billion, representing 6.41 per cent.
The Netherlands accounted for approximately N409.81 billion, or 2.84 per cent, while imports from Germany stood at about N395.87 billion, representing 2.74 per cent of total imports.
The trade figures point to a quarter in which Nigeria’s external merchandise position improved substantially, with exports accounting for nearly two-thirds of total trade and imports declining significantly compared with the same period of 2025.
The sustained positive trade balance, alongside the rise in total trade from the first quarter, will likely remain an important indicator of the performance of Nigeria’s external sector as policymakers continue to focus on boosting exports, strengthening non-oil trade and reducing dependence on imported goods.