A new data released by the National Bureau of Statistics (NBS), has revealed that Nigeria’s total merchandise trade rose to N41.44 trillion in the second quarter of 2026, representing a 5.61% increase from the N39.24 trillion recorded in the corresponding quarter of 2025.
The latest figure also represents a 19.13% increase from the N34.79 trillion recorded in the first quarter of 2026.
According to the data, exports accounted for 65.20% of total trade during the quarter which is valued at N27.02 trillion, while imports stood at N14.42 trillion, representing 34.80% of total trade.
The data added that Nigeria’s exports increased by 18.77% year-on-year from N22.75 trillion in Q2 2025 and rose 27.64% quarter-on-quarter from N21.17 trillion in Q1 2026.
The NBS noted that crude oil remained the largest single export commodity, with a value of N12.91 trillion, accounting for 47.79% of total exports. Non-crude oil exports were valued at N14.11 trillion, representing 52.21% of exports, while non-oil products contributed N3.73 trillion, or 13.80% of total exports.
By product category, mineral products dominated exports at N23.52 trillion, representing 87.04% of total exports. This was followed by products of the chemical and allied industries at N2.14 trillion, or 7.91%, and vegetable products at N516.70 billion, or 1.91%.
While stating that Imports stood at N14.42 trillion in Q2 2026, with machinery and transport equipment accounting for the largest share at N5.46 trillion, or 37.83% of total imports, NBS added that Chemicals and related products followed with N2.51 trillion, representing 17.43%, while manufactured goods accounted for N1.87 trillion, or 12.99%.
The data also said Asia was Nigeria’s largest source of imports, supplying goods worth N8.56 trillion, equivalent to 59.37% of total imports.
It added that Europe followed with N3.06 trillion, or 21.25%, while imports from the Americas stood at N1.59 trillion, representing 11.03%. Imports from Africa were valued at N1.10 trillion, or 7.65%, with ECOWAS member states accounting for N269.06 billion, or 24.37% of imports from the continent.
According to the data, Asia also emerged as Nigeria’s largest export market, receiving goods worth N8.72 trillion, or 32.29% of total exports.
Europe followed with N8.07 trillion, representing 29.87%, while exports to Africa stood at N6.65 trillion, or 24.62%. Exports to the Americas were valued at N3.11 trillion, representing 11.52%, while Oceania accounted for N459.96 billion, or 1.70%.
Of Nigeria’s exports to Africa, NBS said ECOWAS member states accounted for N3.75 trillion, representing 56.39%.
The data also added that India was Nigeria’s leading individual export destination during the quarter, receiving goods valued at N3.29 trillion, equivalent to 12.17% of total exports.
Source: Nairametrics
