Nigeria’s total merchandise trade rose to N41.44 trillion in Q2 2026, representing a 19.13 per cent increase from N34.79 trillion recorded in the preceding quarter.

This is according to the National Bureau of Statistics’ (NBS) latest Foreign Trade in Goods Statistics report, which also showed that the value of total trade increased by 5.61 per cent compared with the N39.24 trillion recorded in the corresponding quarter of 2025.

According to the report, the expansion was largely driven by a sharp rise in exports, which climbed to N27.02 trillion during the quarter, up 27.64 per cent from N21.17 trillion in Q1 and 18.77 per cent from N22.75 trillion in Q2 2025.

Exports accounted for 65.20 per cent of Nigeria’s total merchandise trade, while imports made up the remaining 34.80 per cent.

At the same time, imports rose quarter-on-quarter to N14.42 trillion from N13.62 trillion in Q1, representing a 5.91 per cent increase. However, imports remained 12.55 per cent lower than the N16.49 trillion recorded in Q2 2025.

The stronger export performance widened Nigeria’s merchandise trade surplus to N12.60 trillion, representing a massive 101.32 per cent increase compared with the surplus recorded in the same quarter of 2025.

Despite efforts to diversify the economy, mineral products continued to dominate Nigeria’s exports during the quarter.

The NBS said mineral products accounted for N23.52 trillion, or 87.04 per cent, of total exports. Products of the chemical and allied industries followed with N2.14 trillion, representing 7.91 per cent, while vegetable products accounted for N516.70 billion, or 1.91 per cent.

Crude oil remained the single largest export commodity, with exports valued at N12.91 trillion, accounting for 47.79 per cent of total exports. Crude oil exports increased by 7.93 per cent compared with N11.97 trillion in Q2 2025 and by 15.28 per cent from N11.20 trillion in Q1 2026.

Other petroleum products also recorded strong performance, rising to N10.38 trillion, up 34.08 per cent year-on-year and 53.05 per cent quarter-on-quarter.

However, the report showed poorer performance across non-oil sectors. Agricultural exports fell sharply to N802.99 billion, representing a 36.09 per cent decline from N1.26 trillion in Q2 2025 and a 31.51 per cent decline from N1.17 trillion in Q1 2026.

In contrast, exports of raw materials surged 181.24 per cent year-on-year to N2.31 trillion, while solid mineral exports rose 90.03 per cent to N146.91 billion.

Manufactured exports also dropped by 51.10 per cent year-on-year to N393.03 billion, despite rising 29.87 per cent from the preceding quarter.

On the import side, China remained overwhelmingly Nigeria’s biggest source of goods, accounting for 41.02 per cent of total imports, valued at N5.92 trillion.

The United States followed with N1.01 trillion, or 6.97 per cent; India with N924.46 billion, or 6.41 per cent; the Netherlands with N409.81 billion, or 2.84 per cent; and Germany with N395.87 billion, or 2.74 per cent.

By product category, machinery and transport equipment topped Nigeria’s imports at N5.46 trillion, representing 37.83 per cent of total imports. Chemicals and related products accounted for N2.51 trillion, while manufactured goods contributed N1.87 trillion.

The most imported commodities included motor spirit, crude petroleum oils, durum wheat, used diesel vehicles, and motorcycles and cycles fitted with auxiliary motors.

Nigeria’s trade with the African continent remained heavily tilted towards exports. The country exported goods worth N6.65 trillion to Africa during the quarter, compared with imports of N1.10 trillion.

Togo was Nigeria’s largest African export destination at N1.50 trillion, followed by South Africa at N1.34 trillion, Côte d’Ivoire at N1.22 trillion, Ghana at N461.36 billion and Egypt at N455.81 billion. Together, the five countries accounted for 74.75 per cent of Nigeria’s exports to Africa.

Nigeria’s exports to West Africa stood at N3.82 trillion, while imports from the region amounted to N280.66 billion.

Togo and Côte d’Ivoire were the leading destinations, with N1.50 trillion and N1.22 trillion respectively, followed by Ghana with N461.36 billion, Senegal with N409.05 billion and Benin Republic with N104.53 billion. The five countries accounted for 96.58 per cent of Nigeria’s exports to West Africa.

Within ECOWAS, Nigeria exported goods worth N3.75 trillion and imported N269.06 billion. The report, however, showed that Nigeria’s exports to Africa remained concentrated in petroleum products, with next to nothing in non-oil exports.

Crude oil alone accounted for 48.58 per cent of exports to the continent, followed by gas oil at 19.88 per cent and kerosene-type jet fuel at 14.66 per cent. The top five products accounted for 91.6 per cent of Nigeria’s exports to Africa.

The report also revealed growing pressure from agricultural imports despite the decline in agricultural exports.

Nigeria imported agricultural goods worth N1.2 trillion in Q2, up 1.63 per cent from N1.18 trillion a year earlier and a substantial 45.43 per cent increase from N827.72 billion in Q1. Major imports included durum wheat, frozen blue whiting meat and frozen herring meat.

Meanwhile, agricultural exports were led by cashew nuts in shell at N268.62 billion, standard quality cocoa beans at N154.31 billion, sesame seeds at N96.03 billion, superior quality cocoa beans at N58.82 billion and soya beans at N50.22 billion.