Nigeria’s total merchandise trade rose to N41.44 trillion in the second quarter of 2026, representing a 5.61% increase from N39.24 trillion recorded in the same period of 2025.
The latest figure was contained in fresh trade data released by the National Bureau of Statistics (NBS) and also 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 at N27.02 trillion, while imports stood at N14.42 trillion, representing 34.80% of total trade.
Nigeria’s exports rose 18.77% year-on-year from N22.75 trillion in Q2 2025 and increased 27.64% from N21.17 trillion in Q1 2026.
Crude oil remained the country’s largest single export commodity, valued at N12.91 trillion and accounting for 47.79% of total exports.
Non-crude oil exports stood 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 with N23.52 trillion, representing 87.04% of total exports. Chemical and allied products followed with N2.14 trillion, or 7.91%, while vegetable products accounted for N516.70 billion, or 1.91%.
Imports stood at N14.42 trillion during the quarter, 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%.
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Asia remained 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%.
African countries supplied N1.10 trillion, or 7.65%, of Nigeria’s imports, with ECOWAS member states accounting for N269.06 billion of imports from the continent.
Asia also emerged as Nigeria’s largest export market, receiving goods worth N8.72 trillion, representing 32.29% of total exports.
Europe followed with N8.07 trillion, or 29.87%, while exports to Africa stood at N6.65 trillion, representing 24.62%.
Exports to the Americas were valued at N3.11 trillion, or 11.52%, while Oceania accounted for N459.96 billion, representing 1.70%.
Of Nigeria’s exports to Africa, ECOWAS member states received goods worth N3.75 trillion, accounting for 56.39%.
India was Nigeria’s largest 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 substantial merchandise trade surplus in the second quarter, as exports significantly exceeded imports.
In the first quarter of 2026, Nigeria’s merchandise trade surplus stood at N7.55 trillion, representing a 340.88% increase from the N1.71 trillion recorded in the preceding quarter.
The latest trade performance points to stronger foreign earnings from exports, increased contributions from non-oil products and a relatively lower import bill.
Meanwhile, Nigeria’s trade sector contributed 17.89% to real Gross Domestic Product in Q1 2026, slightly below the 18.21% recorded in the corresponding quarter of 2025 but above the 16.84% recorded in Q4 2025.
The development comes as Nigeria’s economy grew by 4.43% year-on-year in real terms in the second quarter of 2026, according to the NBS.
