Exports up, imports down: Nigeria's goods surplus doubles to ₦12.6trn

Nigeria sold far more to the rest of the world than it bought in the second quarter of 2026, according to the National Bureau of Statistics (NBS).

The country recorded a trade surplus of ₦12.59 trillion between April and June, roughly double the figure for the same period last year. Exports came to about ₦27 trillion, while imports fell to about ₦14.4 trillion.

Crude oil still made up nearly half of all exports, but jet fuel, natural gas, urea and other gas products also featured among the top items. India, Spain, the Netherlands, the United States and Togo were the biggest buyers of Nigerian goods, while China remained the largest source of imports.

Analysts say the Dangote refinery in Lagos is a big part of the shift. The 650,000-barrel-a-day plant has cut the country's need to import fuel and has begun exporting refined products, which entered Nigeria's top five exports for the first time earlier this year.

Higher global oil prices have also helped, although Nigeria's crude output of around 1.4 to 1.5 million barrels a day has limited how much the country could gain.