Nigeria’s total merchandise trade rose to N41.44 trillion in the second quarter of 2026, the National Bureau of Statistics said, with exports far outstripping imports and a trade surplus of about N12.60 trillion.

Total trade was 5.61 per cent higher than Q2 2025 and 19.13 per cent above Q1 2026. Exports were N27.02 trillion, or 65.2 per cent of the total. Imports were N14.42 trillion. The surplus was more than double the figure a year earlier.

Crude oil was still the single biggest export at N12.91 trillion, almost 48 per cent of outbound goods. Non-crude exports were larger as a block, but true non-oil products were only N3.73 trillion — under 14 per cent of exports. Jet fuel, gas and urea helped the energy-heavy list.

China remained the top source of imports, ahead of the United States, India, the Netherlands and Germany. Asia supplied well over half of what Nigeria bought. The shopping list still featured petrol, crude-related oils, wheat, used diesel vehicles and motorcycles.

Naira totals can flatter a story when the currency has weakened. A higher naira value of trade is not the same as more tonnes leaving the ports. The surplus is real in the published accounts. So is the old shape of the economy: sell hydrocarbons and a thin slice of other goods, buy fuel, food and machines.

What the quarter shows is more trade on paper and a wider gap in Nigeria’s favour. What it does not settle is whether households feel that gap, or whether non-oil export growth is finally deep enough to survive the next oil dip.