By JKNewsMedia
MERCHANDIESE FOREIGN trade surged to N41,444.89 billion in the second quarter of 2026, up from N34,788.59 billion recorded in the first quarter, the National Bureau of Statistics (NBS) reported.
JKNewsMedia.com reports that the latest figure reflects an increase in the value of goods traded between Nigeria and the rest of the world during the three-month period as merchandise trade covers the import and export of physical goods.
Exports accounted for about 60.85 per cent of total merchandise trade in Q1 2026, with total exports valued at N21,169.27 billion.
Nigeria’s foreign trade remains heavily influenced by crude oil and other petroleum-related exports, while manufactured products, agricultural commodities, raw materials and other goods also contribute to the country’s overall trade profile.
The increase in merchandise trade comes amid broader signs of economic expansion, with the NBS recently reporting that Nigeria’s economy grew by 4.43 per cent year-on-year in real terms in Q2 2026, compared with 3.89 per cent in the first quarter.
Nigeria’s continued dependence on petroleum exports means changes in global oil prices, production levels and demand can significantly influence the country’s trade position.
The figures also highlight the importance of expanding non-oil exports, improving domestic production and strengthening Nigeria’s competitiveness in international markets.
Greater diversification of export products and destinations remains crucial to building a more resilient external trade position. Increased investment in manufacturing, agriculture, mining and other productive sectors could help reduce dependence on crude oil while creating additional opportunities for foreign exchange earnings.
NBS also records that N41.44 trillion merchandise trade recorded in Q2 2026 underscores the scale of Nigeria’s participation in global commerce and provides another indicator of economic activity during the period.
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