Non-Crude Oil Exports Surpass Crude in Nigeria Q2 2026

In the second quarter of 2026, Nigeria experienced a significant shift in its export dynamics as non-crude oil exports surpassed crude oil exports for the first time in at least six years. According to the National Bureau of Statistics’ Foreign Trade in Goods report, non-crude oil exports reached N14.11 trillion, while crude oil exports were valued at N12.91 trillion, marking a 15.3 percent increase from the previous quarter.

Crude oil's share of total exports fell to 47.8 percent, the lowest since 2020, down from 62.9 percent in Q1 2025. Total merchandise exports rose 18.8 percent year-on-year to N27.02 trillion, with imports decreasing by 12.6 percent to N14.42 trillion, resulting in a trade surplus of N12.6 trillion.

This change is primarily driven by the Dangote Refinery, which has reached a production capacity of 710,000 barrels per day, allowing Nigeria to refine its crude domestically and reduce reliance on imported refined products.