…The merchandise trade balance remained positive at ₦12,596.86 billion ($12.60 trillion) in Q2 2026
MON SEPT 07 2026-theGBJournal| Nigeria’s merchandise trade surplus more than doubled in the second quarter of 2026 as stronger exports, led by crude oil and non-crude shipments, outpaced imports, according to latest report by the National Bureau of Statistics (NBS) on Foreign Trade in Goods Statistics (Q2 2026).
The merchandise trade balance remained positive at ₦12,596.86 billion ($12.60 trillion) in Q2 2026, representing a 101.32% increase compared with the corresponding quarter of 2025.
Nigeria’s total merchandise trade stood at ₦41,444.89 billion in Q2, up 5.61% from ₦39,244.42 billion recorded in the corresponding quarter of 2025 and 19.13% higher than the ₦34,788.59 billion recorded in Q1 2026.
Exports accounted for 65.20% of total trade, valued at ₦27,020.88 billion.
This represented an 18.77% increase from ₦22,750.74 billion in Q2 2025 and a 27.64% rise from ₦21,169.27 billion in Q1 2026.
Crude oil remained Nigeria’s major exported commodity in the second quarter, valued at ₦12,914.33 billion and accounting for 47.79% of total exports.
Non-crude oil exports were valued at ₦14,106.55 billion, representing 52.21% of total exports. Non-oil products contributed ₦3,729.67 billion, or 13.80% of total exports.
Imports fall year-on-year
Total imports stood at ₦14,424.01 billion in Q2 2026, accounting for 34.80% of total trade.
The value of imports decreased 12.55% from ₦16,493.67 billion recorded in Q2 2025, but increased 5.91% from ₦13,619.33 billion in Q1 2026.
China remained Nigeria’s leading source of imports, followed by the United States, India, the Netherlands and Germany.
The most imported commodities during the quarter were Motor Spirit Ordinary; petroleum oils and oils obtained from bituminous minerals (crude); durum wheat; used vehicles with diesel or semi-diesel engines; and motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, CKD.
Using the Standard International Trade Classification, “machinery and transport equipment” ranked as the largest import group, valued at ₦5,457.25 billion and representing 37.83% of total imports.
“Chemicals & related products” followed with ₦2,514.75 billion, or 17.43% of total imports, while “Manufactured goods” accounted for ₦1,873.32 billion, or 12.99%.
Asia dominates import sources
Nigeria’s imports were mainly sourced from Asia, valued at ₦8,563.63 billion, representing 59.37% of total imports.
Europe followed with imports valued at ₦3,064.46 billion, or 21.25%, while imports from America stood at ₦1,591.09 billion, representing 11.03%.
Imports from African countries were valued at ₦1,103.86 billion, or 7.65% of total imports, while imports from Oceania stood at ₦100.97 billion, or 0.70%.
Of imports from Africa, those from ECOWAS member states amounted to ₦269.06 billion, representing 24.37% of imports from the continent.
Further analysis of Nigeria’s trading partners showed that imports from China were valued at ₦5,916.40 billion, representing 41.02% of total imports.
The United States followed with imports valued at ₦1,005.27 billion, or 6.97% of total imports; India, with ₦924.46 billion, or 6.41%; the Netherlands, with ₦409.81 billion, or 2.84%; and Germany, with ₦395.87 billion, or 2.74%.
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