Nigeria records N12.6tn trade surplus in Q2 2026, exports top N27tn

Nigeria recorded total merchandise trade worth N41.44 trillion in Q2 2026, with exports at N27.02 trillion and imports at N14.42 trillion, yielding a trade surplus of N12.60 trillion. Crude oil drove export earnings, contributing N12.91 trillion (47.79% of exports), while other petroleum products added N10.38 trillion (38.40%). On the import side, manufactured goods dominated at N9.51 trillion (65.94% of imports), followed by raw materials at N1.79 trillion (12.41%) and agricultural goods at N1.20 trillion (8.35%).

This surplus highlights Nigeria’s continued reliance on crude oil and petroleum products for foreign exchange earnings, even as the country imports substantial amounts of manufactured goods. Such a structure makes the naira vulnerable to oil price swings and underscores the need to boost non‑oil exports and local manufacturing to reduce import dependence.

For businesses and households, a strong surplus could support foreign reserves and stabilize the exchange rate, but over‑reliance on oil poses risks if prices fall. Importers may face higher costs if the naira weakens, while exporters in agriculture and solid minerals have room to grow. Will you explore opportunities in non‑oil export sectors, or adjust your business strategy to hedge against potential oil‑price volatility?

SOURCE: https://dailypost.ng/2026/09/08/nigeria-records-n12-6tn-surplus-as-total-trade-hits-n41-44tn/