Nigeria’s Trade Surplus Surpasses $10 Billion in Q2 2026

The Central Bank of Nigeria’s (CBN) latest Quarterly Economic Report indicated a rise in the trade surplus, increasing from $8.2 billion in the same period of 2025. This growth is attributed to higher export earnings and lower import spending.

Merchandise trade saw a 12 per cent year-on-year increase to $55.2 billion in H1 2026, driven by a 24 per cent rise in exports to $35.6 billion and a five per cent drop in imports to $19.6 billion.

The second quarter contributed significantly to this growth, with merchandise trade expanding by 19 per cent quarter-on-quarter and 21 per cent year-on-year to $30 billion. Exports surged by 29 per cent to $20.1 billion, while imports grew by four per cent to $10 billion.

The trade surplus widened to $10.1 billion in Q2 2026, compared to $6 billion in Q1 2026 and $4.5 billion in Q2 2025. Oil and gas exports, which accounted for 84.5 per cent of total merchandise exports, rose by 30 per cent quarter-on-quarter to nearly $17 billion.