Nigeria’s External Trade Rises to N41.44 Trillion in Q2 2026
Nigeria’s External Trade Rises to N41.44 Trillion in Q2 2026
Nigeria’s total merchandise trade reached N41.44 trillion in the second quarter of 2026, according to data from the National Bureau of Statistics (NBS).
The figure was 5.61% higher than the N39.24 trillion recorded in Q2 2025 and 19.13% above the N34.79 trillion reported in Q1 2026.
The latest data show a stronger quarter for Nigeria’s trade sector, with the value of goods sold abroad accounting for the larger portion of transactions during the period.
Nigeria recorded N27.02 trillion in exports during Q2, representing 65.20% of total merchandise trade.
That compares with N22.75 trillion in Q2 2025, while the first quarter of 2026 recorded N21.17 trillion.
On a quarter-on-quarter basis, the value of exports was, therefore, 27.64% higher, while the year-on-year increase stood at 18.77%.
Imports, calculated from the NBS total trade and export figures, stood at approximately N14.42 trillion during the quarter.
This left Nigeria with a merchandise trade surplus of about N12.60 trillion.
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The difference between what Nigeria sold and purchased internationally produced a sizeable surplus in Q2.
A trade surplus, the country recorded a higher value of merchandise exports than imports during the period. For Nigeria, this is particularly relevant because external trade remains closely linked to foreign exchange earnings and the country’s ability to meet demand for imported goods.
The naira value of trade can be influenced by exchange-rate movements, while export earnings are also affected by commodity prices and production levels. Consequently, an increase in the nominal value of trade does not necessarily mean that the physical quantity of goods moving across Nigeria’s borders increased by the same margin.
The difference between the first and second quarters was substantial.
Total merchandise trade rose by N6.65 trillion, from N34.79 trillion in Q1 to N41.44 trillion in Q2. The movement was accompanied by an N5.85 trillion increase in exports, from N21.17 trillion to N27.02 trillion.
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Most of the quarter-on-quarter expansion in total trade came from the export side rather than a sharp increase in imports.
The result was a larger trade surplus and a higher overall value of Nigeria’s international merchandise transactions.
The trade figure does not tell the whole story about Nigeria’s external sector.
What matters alongside the total value is the composition of those transactions. Nigeria’s trade position remains significantly influenced by commodities, particularly petroleum-related products. Movements in international oil prices, domestic production, and global demand can therefore have a direct effect on the country’s trade earnings.
A sustained improvement would be more meaningful if Nigeria continues to develop other export categories capable of generating foreign exchange independently of the oil market.
For policymakers, the Q2 figures provide a positive trade balance, but the longer-term issue remains the strength and diversity of the country’s export base.
The next data releases will show whether the Q2 improvement represents a sustained shift in Nigeria’s trade position or a stronger quarter within an economy still heavily exposed to commodity prices and exchange-rate movements.
Makon Financials will continue to monitor The country’s imports and export data for more updates.
Source: National Bureau of Statistics (NBS)
