Digitnomics 
Nigeria’s total merchandise trade rose to ₦41.44 trillion in the second quarter of 2026, representing a 19.13% increase from the ₦34.79 trillion recorded in the first quarter, according to data from the National Bureau of Statistics (NBS).
The latest figure also represents a 5.61% increase compared with the ₦39.24 trillion recorded in Q2 2025.
Exports accounted for the larger share of trade at ₦27.02 trillion, while imports stood at ₦14.42 trillion.
This resulted in a merchandise trade surplus of approximately ₦12.60 trillion during the quarter.
Exports Drive Trade Growth
Nigeria’s exports increased by 18.77% year-on-year from ₦22.75 trillion in Q2 2025 and by 27.64% quarter-on-quarter from ₦21.17 trillion in Q1 2026.
Crude oil remained the country’s largest individual export, valued at ₦12.91 trillion, representing 47.79% of total exports.
However, non-crude exports also recorded substantial values. Non-crude oil exports stood at ₦14.11 trillion, while non-oil products contributed ₦3.73 trillion.
Mineral products dominated Nigeria’s exports at ₦23.52 trillion, accounting for 87.04% of total exports.
Asia Remains Nigeria’s Major Trading Region
Asia was Nigeria’s largest source of imports, supplying goods worth ₦8.56 trillion, or 59.37% of total imports.
Europe followed with ₦3.06 trillion, while the Americas accounted for ₦1.59 trillion.
On the export side, Asia was also Nigeria’s largest destination, receiving goods worth ₦8.72 trillion, representing 32.29% of total exports.
Europe followed with ₦8.07 trillion, while Africa received ₦6.65 trillion.
India was Nigeria’s leading individual export destination, receiving goods valued at approximately ₦3.29 trillion during the quarter.
Machinery And Transport Equipment Lead Imports
Machinery and transport equipment accounted for the largest category of imports at ₦5.46 trillion, representing 37.83% of total imports.
Chemicals and related products followed at ₦2.51 trillion, while manufactured goods accounted for ₦1.87 trillion.
The strong export performance resulted in a sizeable trade surplus, continuing the positive trend recorded in the first quarter of 2026.
The Q2 figures come as Nigeria’s economy continues to expand, with real GDP growth reaching 4.43% year-on-year during the quarter.
The sustained growth in exports, particularly non-crude exports, will remain important for strengthening Nigeria’s external sector and reducing the economy’s dependence on crude oil.
