Nigeria's Q2 2026 trade up 4% YoY as ECOWAS ties double, China still top

Nigeria’s total foreign trade with its top 10 partners reached N26.47 trillion in Q2 2026, up 9.7% from Q1 and 4.0% year-on-year. China remained the largest partner at N6.42 trillion, though Nigeria imported N5.92 trillion from China versus N506.57 billion exported, creating a N5.41 trillion deficit—the largest among the top 10. India ranked second with N4.21 trillion in trade, delivering a N2.37 trillion surplus driven by crude oil exports. ECOWAS surged to third place at N4.02 trillion, more than doubling year-on-year (up 103.3%) with a N3.48 trillion surplus as regional exports hit N3.75 trillion.

European partners showed mixed results: the UK returned to the top 10 with N1.20 trillion trade (up 94.1% QoQ), Italy rose to N1.19 trillion (+16.9% QoQ), Spain to N2.15 trillion (+19.3% QoQ), and the Netherlands held steady at N2.31 trillion (+8.9% QoQ). France and the US declined sharply—France fell to N1.37 trillion (-34.6% QoQ) and the US to N2.74 trillion (-31.3% QoQ). Canada slipped to tenth at N849.25 billion, up 9.5% QoQ but down 45.6% YoY.

The data highlights Nigeria’s continued reliance on Asian imports while regional African trade accelerates, offering exporters new avenues within ECOWAS. For businesses, the shift suggests exploring West African markets to reduce dependence on volatile Asian supply chains and euro‑dollar exposures. With the UK’s rebound and Italy’s growth, could diversifying toward European partners mitigate risks from China‑centric imports, or should firms prioritize scaling ECOWAS‑focused production to capture the bloc’s expanding demand?

SOURCE: https://nairametrics.com/2026/09/10/nigerias-top-10-foreign-trade-partners-in-q2-2026/