The country’s total external merchandise trade increased by 19.13 per cent to N41.44 trillion in the second quarter of the year (Q2 2026) compared to N34.79 trillion in the preceding quarter, the National Bureau of Statistics (NBS), said on Monday.
Exports accounted for 65.20 per cent of total trade, valued at N27.02 trillion compared to N21.16 trillion in Q1 while imports represented 34.80 per cent with N14.42 trillion in value, resulting in N12.60 trillion trade surplus under the review period.
According to the Foreign Trade in Goods Statistics – Q2 2026, crude oil remained the country’s major exported commodity in Q2, valued of N12.91 trillion and accounting for 47.79 per cent of total exports.
Non-crude oil exports were valued at N14.10 trillion, representing 52.21 per cent of total exports, of which non-oil products contributed N3.72 trillion or 13.80 per cent of total exports.
On the other hand, import represented a 12.55 per cent decrease from N16.49 trillion in Q2 2025 and a 5.91 per cent increase from N13.61 trillio in Q1 2026.
India emerged the country’s leading export destination, with N3.28 trillion or 12.17 per cenr of total exports. This was followed by Spain N1.98 trillion or 7.34 per cent of total exports, The Netherlands N1.90 trillion or 7.05 per cent of total export; United States of America N1.72 trillion or 6.40 per cent and Togo N1.49 trillion representing 5.54 per cent of total exports.
Collectively, these five countries accounted for 38.51 per cent of the total value of exports in Q2.
According to NBS, imports from China stood at N5.91 trillion, representing 41.02 per cent of total imports. This was followed by United States of America, N1.005 trillion, representing 6.97 per cent; India N924.46 billion, or 6.41 per cent; The Netherlands N409.81 billion, or 2.84 per cent and Germany N395.87 billion, or 2.74 per cent.
The value of exports to African countries stood at N6.65 trillion while imports amounted to N1.10 trillion.
Nigeria’s exports to Africa were mainly to Togo with N1.49 trillion, South Africa N1.34 trillion, Ivory Coast N1.21 trillion, Ghana N461.36 billion, and Egypt with N455.81 billion, altogether representing 74.75 per cent of exports to Africa.
On the other hand, Nigeria’s major import partners within Africa in Q2 2026 were Libya with N305.69 billion, Ghana, N157.37 billion, Angola N123.15 billion, South Africa N113.54 billion and Cameroon N63,13 billion.
Imports were mainly sourced from Asia N8.56 trillion or 59.37 per cent of total imports. This was followed by imports from Europe N3,064.46 billion or 21.25 per cent America N1.59 trillion or 11.03 per cent, while imports from Oceania stood at N100.97 billion or 0.70 per cent.
Imports from African countries stood at N1, 103.86 billion or 7.65 per cent of total imports; of which imports from ECOWAS Member States amounted to N269.06 billion or 24.37 per cent of imports from the continent.
The main commodities exported to African countries in the quarter under review were ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N3.23 trillion, accounting for 48.58 per cenr of total exports to Africa, ‘Gas oil’ with N1.32 trillion or 19.88 per cent, ‘Kerosine type jet fuel’ N975.37 billion or 14.66 per cenr, ‘Motor spirit, ordinary’ N416.78 billion or 6.26%, and ‘Urea, whether or not in aqueous solution’ with #147.54 billion or 2.22%.
The top five products accounted for 91.60 per cent of total exports to Africa.
On the import side, Nigeria’s imports from African countries in Q2 2026 were mainly ‘Petroleum oils and oils obtained from bituminous minerals, crude’ worth N628.89 billion or 56.97%, ‘Crude palm oil’ valued at N68.46 billion or 6.20%, ‘Other additives for lubricating oils (excluding with petroleum oils)’ with N26.99 billion or 2.45%, ‘Whole hides and skins, of a weight exceeding 16 kg valued at N24.97 billion or 2.26%, ‘and Other vehicles for goods transport, petrol fuel, dumpers, CKD’ amounting to N17.20 billion or 1.56%, of total imports from African countries.
The major agricultural goods imported in Q2 2026 included “Durum wheat” with imports from Poland and Germany, valued at N66.38 billion and N61.20 billion, respectively.
This was followed by “Blue whiting meat, frozen,” with imports valued at N54.96 billion from Faroes Island and N18.01 billion from Ireland. Also notable was “Herrings meat, frozen” with imports valued at N21.23 billion from The Netherlands and N12.95 billion from Russia.
The value of trade in solid minerals goods in Q2 2026 stood at N203.89 billion, representing 0.49% of total trade, of which exports of solid minerals accounted for #146.91 billion.
The value of solid minerals exports increased by 90.03% compared with the corresponding quarter of 2025, when N77.31 billion was recorded, and by 42.91% compared with N102.80 billion recorded in Q1 2026.
The major solid mineral goods exported were “Other mineral substances not elsewhere specified or included” to China, valued at N30.67 billion, followed by “Cement clinkers,” worth N12.34 billion and N5.26 billion, exported to Cameroon and the Republic of Benin, respectively.
On the other hand, solid mineral imports were dominated by “Gypsum; anhydrite” imported from Spain and Morocco, valued at N5.80 billion and N2.70 billion, respectively. This was followed by “Plasters,” worth N6.90 billion, imported from Egypt.
The value of manufactured goods traded in Q2 2026 stood at N9,904.39 billion, representing 23.90% of total trade of which the value of manufactured goods export stood at N393.03 billion.
The main export commodity was ‘Vessels and other floating structures for breaking up.’ exported to Ivory Coast worth N92.32 billion. This was followed by “Unwrought aluminum alloys’ valued at N52.86 billion exported to Japan, and ‘Cigarettes containing tobacco’ exported to Burkina Faso worth N23.47 billion. Further analysis revealed that manufactured goods were mainly exported to Africa worth N213.44 billion, followed by goods exported to Asia valued at N114.73 billion and to Europe (N49.37 billion).
Similarly, manufactured goods imported were ‘Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc.’ from United States of America with N273.96 billion. This was followed by Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, CKD’ imported from India and China valued at N160.86 and N46.36 billion respectively.
The total trade value of the raw materials sector stood at N4.09 trillion in Q2 of which imports were valued at N1.79 trillion while exports stood at N2,305.40 billion.
The major raw material goods exported were ‘Urea whether or not in aqueous solution’ to The United States of America valued at N1,069.37 billion. This was followed by exports of ‘Non-monetary Gold including gold plated with platinum in Powder form’ to Switzerland valued at N73.09 billion.
In terms of imports, ‘Other additives for lubricating oils (excl. with petroleum oils)’ worth N76.51 billion was imported from the United States of America, this was followed by ‘Mixed alkylbenzenes and mixed alkylnaphthalenes, other than’ worth N86.72 billion and N10.18 billion, imported from Spain and Saudi Arabia respectively, while ‘Cane sugar Meant for sugar refinery’ imported from Brazil was valued at N77.48 billion.
James Emejo
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