… India, Spain, Netherlands top export destinations
Nigeria’s trade surplus expanded sharply, reaching N12.59 trillion in the second quarter of 2026, as total exports surged to N27.02 trillion, driven by massive growth in crude oil sales, raw material shipments, and refined petroleum products. The National Bureau of Statistics report has revealed this.
According to the latest foreign trade data, a 27.64 per cent quarter-on-quarter jump in exports easily outpaced a modest 5.91 per cent increase in imports, widening the nation’s trade balance and bolstering net external inflows despite lingering global economic pressures.
In the quarter under review, exports accounted for 65.20per centt of total trade valued at N27.02 trillion. This also represents an 18.77 per cent increase from the N22.750 trillion recorded in the corresponding quarter of 2025.
Analysis shows that crude oil remained Nigeria’s major exported commodity in the second quarter of 2026, valued at N12.914 trillion and accounting for 47.79 per cent of total exports, while non-crude oil exports were valued at N14.106 trillion, representing 52.21percent of total exports.
