Nigeria’s trade hits ₦41.44trn in Q2 as export value rises 18.8% – NBS

Nigeria’s total merchandise trade rose to ₦41.44 trillion in the second quarter of 2026 (Q2 2026), representing a 5.61 per cent increase from the ₦39.24 trillion recorded in the corresponding quarter of 2025, the Nigeria Bureau of Statistics (NBS), has said.

The latest trade data released by the NBS, showed that exports accounted for 65.20 per cent of total trade, valued at ₦27.02 trillion, while imports stood at ₦14.42 trillion, representing 34.80 per cent of total trade.

According to NBS, the value of exports increased by 18.77 per cent compared with ₦22.75 trillion recorded in Q2 2025 and rose by 27.64 per cent from ₦21.17 trillion recorded in Q1 2026.

“Nigeria also recorded a positive merchandise trade balance of ₦12.60 trillion during the quarter, although this represented a 23.60 per cent decline from ₦16.49 trillion recorded in Q2 2025. It was, however, 5.91 per cent higher than the ₦11.55 trillion recorded in Q1 2026.”

Crude oil remains dominant

Crude oil remained Nigeria’s leading export commodity during the quarter, valued at ₦14.11 trillion, representing 52.21 per cent of total exports.

Non-crude oil exports stood at ₦12.91 trillion, accounting for 47.79 per cent of total exports.
Within the non-crude segment, non-oil exports were valued at ₦3.73 trillion, representing 13.80 per cent of total exports.

The performance underscores the continued dominance of crude oil in Nigeria’s export structure, despite growth in non-crude and non-oil exports.

Machinery, chemicals lead imports

On the import side, Nigeria imported goods worth ₦14.42 trillion in Q2 2026, representing a 12.55 per cent increase from ₦12.82 trillion recorded in Q2 2025 and a 5.91 per cent rise from ₦13.62 trillion in Q1 2026.

Using the Standard International Trade Classification, machinery and transport equipment constituted the largest import group, valued at ₦5.46 trillion, or 37.83 per cent of total imports.

This was followed by chemicals and related products, valued at ₦2.51 trillion, representing 17.43 per cent, while manufactured goods accounted for ₦1.87 trillion, or 12.99 per cent of total imports.

China remains Nigeria’s biggest import source

Asia remained Nigeria’s largest source of imports during the quarter, accounting for ₦8.56 trillion, or 59.37 per cent of total imports.

Europe followed with ₦3.06 trillion, representing 21.25 per cent, while the Americas accounted for ₦1.59 trillion, or 11.03 per cent.

Imports from Africa stood at ₦1.10 trillion, representing 7.65 per cent of total imports, while Oceania contributed ₦100.97 billion, or 0.70 per cent.

China remained Nigeria’s largest individual trading partner on the import side, with goods valued at ₦5.92 trillion, representing 41.02 per cent of total imports.

The United States followed with ₦1.01 trillion, or 6.97 per cent, while India accounted for ₦924.46 billion, representing 6.41 per cent.
Other major sources included the Netherlands, with imports valued at ₦409.81 billion, or 2.84 per cent, and Germany, with ₦395.87 billion, representing 2.74 per cent.

Imports from ECOWAS member states stood at ₦269.06 billion, highlighting the relatively modest contribution of regional trade to Nigeria’s overall import bill.