Nigeria's Trade Surplus Hits $10.1 Billion in 2026

As of the end of the second quarter in 2026, Nigeria's trade surplus has surged to $10.1 billion, up from $6 billion in the same period of 2025. Exports increased by 29% to $20.1 billion, while imports rose by 4% to $10 billion.

Oil and gas exports accounted for 84.5% of total exports, bolstered by a higher average price of Bonny Light crude at $108.4 per barrel and crude production of 1.72 million barrels per day. The Dangote Refinery played a significant role, with refined petroleum exports reaching $3.9 billion.

Additionally, oil imports decreased by 29% to $1.2 billion. According to a recent economic report from the central bank, the surplus for the first half of 2026 stood at $16.1 billion, compared to $8.2 billion a year earlier.

Export earnings were primarily driven by oil and gas, which saw a 30% quarter-on-quarter increase to nearly $17 billion.