Nigeria’s total external trade rises to N41.44trn in Q2 2026

Nigeria’s total trade with other countries across the globe rose to N41.44 trillion in the second quarter of 2026, representing a 5.61% increase from the N39.24 trillion recorded in the corresponding quarter of 2025.

The latest figure, contained in National Bureau of Statistics (NBS) latest report, represents a 19.13% increase from the N34.79 trillion recorded in the first quarter of 2026.

Exports accounted for 65.20% of total trade during the quarter, valued at N27.02 trillion, while imports stood at N14.42 trillion, representing 34.80% of total trade.

Nigeria’s exports increased by 18.77% year-on-year from N22.75 trillion in Q2 2025 and rose 27.64% quarter-on-quarter from N21.17 trillion in Q1 2026.

NBS said that crude oil remained the largest single export commodity, with a value of N12.91 trillion, accounting for 47.79% of total exports.

According to NBS data Non-oil exports were valued at N14.11 trillion, representing 52.21% of exports, while non-oil products contributed N3.73 trillion, or 13.80% of total exports.

By product category, mineral products dominated exports at N23.52 trillion, representing 87.04% of total exports. This was followed by products of the chemical and allied industries at N2.14 trillion, or 7.91%, and vegetable products at N516.70 billion, or 1.91%.

Imports stood at N14.42 trillion in Q2 2026, with machinery and transport equipment accounting for the largest share at N5.46 trillion, or 37.83% of total imports.

Chemicals and related products followed with N2.51 trillion, representing 17.43%, while manufactured goods accounted for N1.87 trillion, or 12.99%.

Asia was Nigeria’s largest source of imports, supplying goods worth N8.56 trillion, equivalent to 59.37% of total imports.

Europe followed with N3.06 trillion, or 21.25%, while imports from the Americas stood at N1.59 trillion, representing 11.03%. Imports from Africa were valued at N1.10 trillion, or 7.65%, with ECOWAS member states accounting for N269.06 billion, or 24.37% of imports from the continent.

Asia also emerged as Nigeria’s largest export market, receiving goods worth N8.72 trillion, or 32.29% of total exports.

Europe followed with N8.07 trillion, representing 29.87%, while exports to Africa stood at N6.65 trillion, or 24.62%. Exports to the Americas were valued at N3.11 trillion, representing 11.52%, while Oceania accounted for N459.96 billion, or 1.70%.
Nigeria’s exports to Africa, ECOWAS member states accounted for N3.75 trillion, representing 56.39%.

India was Nigeria’s leading individual export destination during the quarter, receiving goods valued at N3.29 trillion, equivalent to 12.17% of total exports.

The strong export performance means Nigeria maintained a sizeable merchandise trade surplus during the quarter, as exports significantly exceeded imports.

Nigeria’s merchandise trade surplus surged to N7.55 trillion in the first quarter of 2026, representing a 340.88% increase from the N1.71 trillion recorded in the preceding quarter.

The robust trade performance reflects improved foreign earnings from oil exports, growing contributions from non-oil products, and lower import bills, particularly for petroleum products, strengthening Nigeria’s external sector at the start of the year.