Nigeria’s Foreign Trade Climbs to ₦41.44tn as Export Diversification Remains Weak

By Benson Daniel

Nigeria’s total merchandise trade rose to ₦41.44 trillion in the second quarter of 2026, reflecting a strong increase in trade activity but also highlighting the country’s continued dependence on a narrow range of export products.

The latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics showed that the figure represented a 19.13 per cent increase from the ₦34.79 trillion recorded in the first quarter of the year. It was also 5.61 per cent higher than the ₦39.24 trillion recorded in the corresponding quarter of 2025.

The expansion was largely driven by exports, which climbed to ₦27.02 trillion during the quarter from ₦21.17 trillion in the preceding quarter. On a year on year basis, exports increased by 18.77 per cent from ₦22.75 trillion in the second quarter of 2025.

Imports, meanwhile, rose more moderately to ₦14.42 trillion from ₦13.62 trillion in the first quarter, representing a 5.91 per cent quarterly increase. However, imports were still 12.55 per cent lower than the ₦16.49 trillion recorded in the same period last year.

The stronger export performance widened Nigeria’s merchandise trade surplus to about ₦12.60 trillion, more than double the level recorded in the corresponding period of 2025.

Exports accounted for 65.20 per cent of total merchandise trade during the quarter, while imports represented 34.80 per cent.

Despite the improvement in the overall trade position, the composition of Nigeria’s exports continued to raise concerns about the pace of economic diversification.

Mineral products accounted for ₦23.52 trillion, representing 87.04 per cent of total exports. Crude oil alone remained the largest individual export commodity, valued at ₦12.91 trillion, or 47.79 per cent of total exports.

Other petroleum products also recorded strong growth, reaching ₦10.38 trillion during the quarter. Their value rose by 53.05 per cent compared with the first quarter of 2026.

The figures indicate that petroleum related products continue to play a dominant role in Nigeria’s foreign trade earnings despite years of government efforts to increase the contribution of agriculture, manufacturing and other non oil sectors.

Agricultural exports, in particular, recorded a significant decline. They fell to ₦802.99 billion in the second quarter, down 36.09 per cent from ₦1.26 trillion recorded a year earlier and 31.51 per cent below the first quarter figure.

There were, however, some areas of improvement outside the petroleum sector. Exports of raw materials rose sharply to ₦2.31 trillion, representing an increase of 181.24 per cent year on year, while solid mineral exports increased by 90.03 per cent to ₦146.91 billion.

Manufactured exports also increased on a quarterly basis to ₦393.03 billion, although the figure remained significantly below the level recorded in the second quarter of 2025.

The latest trade figures therefore present a mixed picture for Nigeria’s economy. The rise in exports and the wider trade surplus provide a stronger external position, but the heavy concentration of export earnings in mineral and petroleum products leaves the economy exposed to changes in global commodity prices and demand.

For Nigeria to build a more resilient trade structure, sustained investment in agriculture, manufacturing, mining, processing and other export oriented industries will remain critical.

The figures also underline the importance of moving beyond the export of raw commodities and developing greater domestic processing capacity. Increasing the value added to Nigerian products before they reach international markets could improve export earnings while creating jobs and strengthening local industries.

As total trade continues to expand, the challenge for policymakers will be ensuring that future growth is supported by a broader and more competitive export base rather than remaining heavily dependent on oil and other mineral products.