Non-crude exports overtake crude as trade surplus hits N12.6trn

Nigeria's non-crude exports surpassed crude oil exports in the second quarter of 2026, marking a significant shift in the composition of the country's external trade as the nation recorded a N12.60 trillion merchandise trade surplus. Data from the National Bureau of Statistics showed that Nigeria's total merchandise trade stood at N41.44 trillion in Q2 2026, representing a 5.61 per cent increase compared with N39.24 trillion recorded in the corresponding quarter of 2025. On a quarter-on-quarter basis, total trade rose by 19.13 per cent. The latest figures also showed that exports accounted for 65.20 per cent of total merchandise trade at N27.02 trillion, while imports stood at N14.42 trillion. The N27.02 trillion export figure represented an 18.77 per cent increase from the N22.75 trillion recorded in Q2 2025 and a 27.64 per cent rise from N21.17 trillion in Q1 2026. 'The merchandise trade balance remained positive at ₦12,596.86 billion in Q2 2026, representing a 101.32% increase compared with the value recorded in the corresponding quarter of 2025,' the NBS stated. The trade surplus therefore more than doubled year-on-year, rising from about N6.26 trillion in Q2 2025 to N12.60 trillion in the review quarter. It also increased by approximately 66.8 per cent from the estimated N7.55 trillion recorded in Q1 2026. A major feature of the quarter was the changing structure of Nigeria's exports. Crude oil exports were valued at about N12.91 trillion, accounting for 47.79 per cent of total exports, while non-crude exports amounted to approximately N14.11 trillion, representing 52.21 per cent. This means non-crude exports exceeded crude oil exports by about N1.20 trillion during the quarter, a development that underscores the growing contribution of other export categories to Nigeria's foreign trade. 'In the quarter under review, exports accounted for 65.20% of total trade valued at ₦27,020.88 billion,' the statistics agency said. 'This represents an 18.77% increase from the ₦22,750.74 billion recorded in the corresponding quarter of 2025 and a 27.64% increase from the ₦21,169.27 billion value recorded in Q1 2026.' Despite the rise in non-crude exports, crude oil remained Nigeria's largest individual export commodity during the quarter. Other major export products included jet fuel valued at about N2.94 trillion, natural gas at approximately N2.82 trillion and urea at about N2.12 trillion. Non-oil exports were valued at approximately N3.73 trillion, representing 13.80 per cent of total exports. Mineral products remained dominant in the overall export basket, accounting for about 87.04 per cent of total exports. The performance of other export categories was mixed. Exports of raw materials increased by 50.31 per cent quarter-on-quarter to about N2.31 trillion, while solid mineral exports rose by 42.91 per cent to approximately N146.91 billion. Agricultural exports, however, declined by 31.51 per cent quarter-on-quarter to about N802.99 billion. Manufactured exports rose by 29.87 per cent from the preceding quarter to about N393.03 billion, although they remained 51.10 per cent below the level recorded in Q2 2025. On the import side, Nigeria imported goods worth N14.42 trillion during the quarter, representing a 12.55 per cent decline from the N16.49 trillion recorded in Q2 2025. However, imports increased by 5.91 per cent compared with the preceding quarter. The decline in imports on a year-on-year basis, combined with stronger export earnings, was a major factor behind the sharp expansion in Nigeria's trade surplus. China remained Nigeria's largest source of imports, supplying goods worth about N5.92 trillion, equivalent to 41.02 per cent of total imports. It was followed by the United States with approximately N1.01 trillion, India with N924.46 billion, the Netherlands with N409.81 billion and Germany with N395.87 billion. The Asian region accounted for the largest share of Nigeria's imports at approximately N8.56 trillion, representing 59.37 per cent of total imports. Europe followed with N3.06 trillion, while the Americas and Africa accounted for about N1.59 trillion and N1.10 trillion respectively. India emerged as Nigeria's leading export destination during the quarter, receiving goods worth approximately N3.29 trillion, representing 12.17 per cent of total exports. Spain followed with N1.98 trillion, the Netherlands with N1.90 trillion, the United States with N1.73 trillion and Togo with approximately N1.50 trillion. The latest trade figures point to a notable change in Nigeria's external trade structure, with the value of non-crude exports exceeding crude oil exports for the first time in the period covered by the comparable quarterly data. The development also comes against the backdrop of efforts to expand domestic refining and increase the contribution of non-oil and value-added products to Nigeria's export earnings. For the broader economy, the combination of stronger exports and lower year-on-year imports resulted in a substantial improvement in Nigeria's trade position, with the N12.60 trillion surplus representing a major increase over both the corresponding period of 2025 and the preceding quarter.