Nigeria’s merchandise trade rises 19.13% to ₦41.44tn in Q2 2026 — NBS

Economy & Policy

ABUJA, Nigeria (NPA) — Nigeria’s total merchandise trade rose to ₦41.44 trillion in the second quarter of 2026, representing a 19.13 per cent increase from the ₦34.79 trillion recorded in the first quarter, according to the latest Foreign Trade Statistics Report by the National Bureau of Statistics (NBS).

The figure also represents a 5.61 per cent increase compared with the ₦39.24 trillion recorded in the second quarter of 2025.

The NBS disclosed the figures in its Q2 2026 Foreign Trade Statistics Report released on Monday, September 7, 2026.

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According to the report, Nigeria recorded total exports of about ₦27 trillion during the quarter, while imports stood at approximately ₦14.4 trillion, resulting in a trade surplus of ₦12.59 trillion.

The report showed that crude oil remained a major component of the country’s exports, accounting for ₦12.91 trillion, while other petroleum oil products contributed ₦10.38 trillion.

Non-oil exports included raw materials valued at ₦2.31 trillion, agricultural goods at ₦802.99 billion, manufactured goods at ₦393.03 billion and solid minerals at ₦146.91 billion.

On the import side, manufactured goods dominated with ₦9.51 trillion, representing 65.99 per cent of total imports. Raw materials accounted for ₦1.79 trillion, agricultural goods ₦1.20 trillion and other petroleum oil products ₦1.08 trillion.

Reacting to the figures, the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, OON, CON, described the report as another indication of what he called the positive impact of the administration’s economic reforms.

Onanuga said the latest figures showed that Nigeria’s trade surplus was surging despite criticism of the administration’s economic policies by opposition groups ahead of the 2027 presidential election.

He said the country had recorded its 11th consecutive trade surplus since President Tinubu assumed office in May 2023, and its 14th surplus since the fourth quarter of 2022.

According to Onanuga, Nigeria’s trade volume has also increased significantly under the Tinubu administration.