Nigeria’s merchandise trade surplus more than doubled to N12.60tn in the second quarter of 2026, driven by stronger exports and a year-on-year decline in imports, the National Bureau of Statistics has disclosed.

The NBS, in its Foreign Trade in Goods Statistics report published on Monday, said the country’s total merchandise trade rose to N41.44tn in Q2 2026, representing a 5.61 per cent increase from N39.24tn recorded in the corresponding quarter of 2025. It was also 19.13 per cent higher than the N34.79tn recorded in Q1 2026.

Exports accounted for 65.20 per cent of total trade at N27.02tn, rising by 18.77 per cent from N22.75tn in Q2 2025 and 27.64 per cent from N21.17tn in the preceding quarter.

Imports, meanwhile, stood at N14.42tn, representing 34.80 per cent of total trade. The figure declined by 12.55 per cent from N16.49tn a year earlier but increased by 5.91 per cent from N13.62tn in Q1 2026.

The NBS said, “The merchandise trade balance remained positive at N12.6tn in Q2 2026, representing a 101.32 per cent increase compared with the value recorded in the corresponding quarter of 2025.”

Crude oil remained Nigeria’s largest export commodity, generating N12.91tn and accounting for 47.79 per cent of total exports. Crude exports increased by 7.93 per cent from N11.97tn in Q2 2025 and 15.28 per cent from N11.20tn in the preceding quarter.

Non-crude oil exports were valued at N14.11tn, representing 52.21 per cent of total exports. However, non-oil products accounted for only N3.73tn, or 13.80 per cent of exports, highlighting the continued dominance of petroleum-related products in Nigeria’s export earnings.

Other petroleum product exports climbed 34.08 per cent year-on-year to N10.38tn and jumped 53.05 per cent from N6.78tn in Q1.

India emerged as Nigeria’s biggest export destination, receiving goods worth N3.29tn or 12.17 per cent of total exports. Spain followed with N1.98tn, the Netherlands with N1.90tn, the United States with N1.73tn and Togo with N1.50tn. Together, the five markets accounted for 38.51 per cent of exports.

Asia was Nigeria’s biggest regional export market, receiving N8.72tn worth of goods, followed by Europe with N8.07tn and Africa with N6.65tn.

Other petroleum product exports climbed 34.08 per cent year-on-year to N10.38tn and jumped 53.05 per cent from N6.78tn in Q1.

India emerged as Nigeria’s biggest export destination, receiving goods worth N3.29tn or 12.17 per cent of total exports. Spain followed with N1.98tn, the Netherlands with N1.90tn, the United States with N1.73tn and Togo with N1.50tn. Together, the five markets accounted for 38.51 per cent of exports.

Asia was Nigeria’s biggest regional export market, receiving N8.72tn worth of goods, followed by Europe with N8.07tn and Africa with N6.65tn.

Agricultural trade also recorded a deficit. Agricultural exports declined by 36.09 per cent to N802.99bn from N1.26tn a year earlier and fell 31.51 per cent from Q1 2026. Imports, however, increased to N1.20tn, up 1.63 per cent year-on-year and 45.43 per cent quarter-on-quarter.

Cashew nuts in shell were the leading agricultural export at N268.62bn, followed by standard-quality cocoa beans at N154.31bn and sesame seeds at N96.03bn.

Raw materials recorded stronger export growth, rising by 181.24 per cent year-on-year to N2.31tn, compared with imports of N1.79tn. Solid mineral exports also increased by 90.03 per cent to N146.91bn.

Nigeria maintained a substantial surplus with African countries, exporting N6.65tn worth of goods to the continent against imports of N1.10tn. Togo was its largest African export destination at N1.50tn, followed by South Africa at N1.34tn and Côte d’Ivoire at N1.22tn.

The report further showed that maritime transport handled 98.99 per cent of exports and 94.74 per cent of imports.

Apapa Port dominated the country’s trade gateways, processing N19.07tn or 70.57 per cent of exports and N6.46tn or 44.76 per cent of imports. Lekki Deep Sea Port handled N5.03tn worth of exports, while Tin Can Island Port processed N2.17tn of imports.