Nigeria’s total external trade rises to N41.44 trillion in Q2 2026

Nigeria’s total merchandise trade rose to N41.44 trillion in the second quarter of 2026, representing a 5.61% increase from the N39.24 trillion recorded in the corresponding quarter of 2025.

The latest figure, contained in new data released by the National Bureau of Statistics (NBS), 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 during the quarter, valued at N27.02 trillion, while imports stood at N14.42 trillion, representing 34.80% of total trade.

What the report is saying

Nigeria’s exports increased by 18.77% year-on-year from N22.75 trillion in Q2 2025 and rose 27.64% quarter-on-quarter from N21.17 trillion in Q1 2026.

• The NBS noted that crude oil remained the largest single export commodity, with a value of N12.91 trillion, accounting for 47.79% of total exports. Non-crude oil exports were valued 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 at N23.52 trillion, representing 87.04% of total exports. This was followed by products of the chemical and allied industries at N2.14 trillion, or 7.91%, and vegetable products at N516.70 billion, or 1.91%.
• Imports stood at N14.42 trillion in Q2 2026, 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%.
• Asia was 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%. Imports from Africa were valued at N1.10 trillion, or 7.65%, with ECOWAS member states accounting for N269.06 billion, or 24.37% of imports from the continent.
• Asia also emerged as Nigeria’s largest export market, receiving goods worth N8.72 trillion, or 32.29% of total exports.
• Europe followed with N8.07 trillion, representing 29.87%, while exports to Africa stood at N6.65 trillion, or 24.62%. Exports to the Americas were valued at N3.11 trillion, representing 11.52%, while Oceania accounted for N459.96 billion, or 1.70%.
• Of Nigeria’s exports to Africa, ECOWAS member states accounted for N3.75 trillion, representing 56.39%.

India was Nigeria’s leading individual export destination during the quarter, receiving goods valued at N3.29 trillion, equivalent to 12.17% of total exports.

Get up to speed

The strong export performance means Nigeria maintained a sizeable merchandise trade surplus during the quarter, as exports significantly exceeded imports.

Nairametrics previously reported that Nigeria’s merchandise trade surplus surged to N7.55 trillion in the first quarter of 2026, representing a 340.88% increase from the N1.71 trillion recorded in the preceding quarter.

The robust trade performance reflects improved foreign earnings from oil exports, growing contributions from non-oil products, and lower import bills, particularly for petroleum products, strengthening Nigeria’s external sector at the start of the year.

What you should know

Nairametrics earlier reported that Nigeria’s trade sector contributed 17.89% to the country’s Gross Domestic Product (GDP) in the first quarter of 2026.

NBS data showed that the sector’s contribution in Q1 2026 was slightly lower than the 18.21% recorded in the corresponding quarter of 2025 but higher than the 16.84% posted in the fourth quarter of 2025.

Nigeria’s Gross Domestic Product (GDP) grew by 4.43% year-on-year in real terms in the second quarter of 2026.