September 7, 2026/Cordros Update
September 7, 2026/Cordros Report
According to the National Bureau of Statistics (NBS), Nigeria’s total foreign trade in goods rose by 5.6% y/y to NGN41.44 trillion in Q2-26 (Q1-26: NGN34.79 trillion | Q2-25: NGN39.24 trillion).
The trade balance jumped to NGN12.60 trillion in Q2-26 (Q1-26: NGN7.55 trillion | Q2-25: NGN6.66 trillion), underpinned by an 18.8% y/y rise in exports to NGN27.02 trillion (Q1-26: NGN21.17 trillion | Q2-25: NGN22.75 trillion) and a 12.5% y/y drop in imports to NGN14.42 trillion (Q1-26: NGN13.62 trillion | Q2-25: NGN16.49 trillion).
Across traded products, exports were led by crude oil (47.8%), other petroleum products (38.4%), raw materials (8.5%), agricultural goods (3.0%), and manufactured goods (1.5%). On the other hand, imports were dominated by manufactured goods (65.9%), raw materials (12.4%), agricultural goods (8.4%), other petroleum products (7.5%) and crude oil (5.5%).
India, Spain, the Netherlands, and the United States were the top export destinations, while China, the United States, India, the Netherlands, and Germany were the leading import partners.