Nigeria’s total merchandise trade rose to ₦41,444.89 trillion in the second quarter of 2026, according to the latest trade statistics from the National Bureau of Statistics (NBS).
This marked a 5.61 percent increase from the ₦39,244.42 trillion recorded in the corresponding period of 2025 and a 19.13 percent jump from the ₦34,788.59 trillion posted in the preceding quarter.
The Q2 2026 figures released by the Bureau on Monday show that exports drove the growth, accounting for 65.20 percent of total trade at ₦27,020.88 trillion, an 18.77 percent rise year-on-year and a 27.64 percent increase from Q1 2026.
Crude oil remained the country’s dominant export, valued at ₦12,914.33 trillion and making up 47.79 percent of total exports, while non-crude oil exports stood at ₦14,106.55 trillion, or 52.21 percent, of which non-oil products contributed ₦3,729.67 trillion.
Imports, on the other hand, accounted for 34.80 percent of total trade at ₦14,424.01 trillion, representing a 12.55 percent decline compared with the same period in 2025, though a 5.91 percent increase from the previous quarter.
As a result, Nigeria’s merchandise trade balance remained positive at ₦12,596.86 trillion, more than double the surplus recorded in the corresponding quarter of 2025, a 101.32 percent increase.
A breakdown of imports by classification showed “machinery and transport equipment” as the leading category, valued at ₦5,457.25 trillion or 37.83 percent of total imports, followed by “chemicals and related products” at ₦2,514.75 trillion (17.43 percent) and “manufactured goods” at ₦1,873.32 trillion (12.99 percent).
By region, Asia remained Nigeria’s largest source of imports, supplying goods worth ₦8,563.63 trillion, or 59.37 percent of total imports, followed by Europe with ₦3,064.46 trillion (21.25 percent), the Americas with ₦1,591.09 trillion (11.03 percent), and Oceania with ₦100.97 billion (0.70 percent).
Imports from African countries totalled ₦1,103.86 trillion, or 7.65 percent, with ECOWAS member states contributing ₦269.06 trillion, or 24.37 percent, of that figure.
China remained Nigeria’s leading import partner, supplying goods worth ₦5,916.40 trillion, representing 41.02 percent of total imports, ahead of the United States with ₦1,005.27 trillion (6.97 percent), India with ₦924.46 trillion (6.41 percent), the Netherlands with ₦409.81 trillion (2.84 percent), and Germany with ₦395.87 trillion (2.74 percent).
On the export side, “mineral products” dominated at ₦23,519.46 trillion, or 87.04 percent of total export value, followed by “products of the chemical and allied industries” at ₦2,138.49 trillion (7.91 percent) and “vegetable products” at ₦516.70 billion (1.91 percent).
By region, Asia was the top export destination at ₦8,723.71 trillion (32.29 percent), followed by Europe at ₦8,072.09 trillion (29.87 percent), the Americas at ₦3,111.88 trillion (11.52 percent), Africa at ₦6,653.24 trillion (24.62 percent), and Oceania at ₦459.96 trillion (1.70 percent).
Of exports to Africa, ECOWAS member states accounted for ₦3,751.49 trillion, or 56.39 percent.
India emerged as Nigeria’s leading export destination in the quarter, receiving goods worth ₦3,289.58 trillion, or 12.17 percent of total exports, followed by Spain with ₦1,983.21 trillion (7.34 percent), the Netherlands with ₦1,904.63 trillion (7.05 percent), the United States with ₦1,729.96 trillion (6.40 percent), and Togo with ₦1,498.02 trillion (5.54 percent). Together, these five countries accounted for 38.51 percent of Nigeria’s total export value for the quarter.
Within Africa, Nigeria’s exports were concentrated in Togo (₦1,498.02 trillion), South Africa (₦1,343.34 trillion), Ivory Coast (₦1,215.03 trillion), Ghana (₦461.36 billion) and Egypt (₦455.81 billion), which together made up 74.75 percent of exports to the continent.
Crude petroleum oils led the list of commodities exported to Africa, valued at ₦3,232.35 trillion or 48.58 percent, followed by gas oil (₦1,322.41 trillion, 19.88 percent), kerosene-type jet fuel (₦975.37 billion, 14.66 percent), ordinary motor spirit (₦416.78 billion, 6.26 percent) and urea (₦147.54 billion, 2.22 percent), with the top five products accounting for 91.60 percent of total exports to the continent.
On the import side, Nigeria’s African trading partners were led by Libya (₦305.69 billion), Ghana (₦157.37 billion), Angola (₦123.15 billion), South Africa (₦113.54 billion) and Cameroon (₦63.13 billion).
Crude petroleum oil topped imports from African countries at ₦628.89 billion, or 56.97 percent, followed by crude palm oil at ₦68.46 billion (6.20 percent), lubricating oil additives at ₦26.99 billion (2.45 percent), hides and skins at ₦24.97 billion (2.26 percent), and goods transport vehicles at ₦17.20 billion (1.56 percent).
