September 9, 2026/Coronation Report
Summary
Data released by the National Bureau of Statistics (NBS) revealed that Nigeria’s external trade position strengthened significantly in Q2’26, as a sharp rally in crude oil prices and stronger petroleum product exports pushed the merchandise trade surplus to a record N12.60tn, a 101.32% y/y increase from N6.26tn in Q2’25 and a 66.85% q/q increase from N7.55tn in Q1’26.
The surplus was Nigeria’s largest on record in the NBS quarterly trade series, underscoring the extent to which a renewed spike in global oil prices, triggered by the closure of the Strait of Hormuz following the outbreak of conflict between the United States and Iran in late February, flowed through to Nigeria’s export earnings.
Total exports rose to N27.02tn, up 18.77% y/y and 27.6% q/q, while imports also increased to N14.42tn, up 5.91% q/q even as they remained 12.55% lower y/y. Total merchandise trade rose to N41.44tn, up 5.61% y/y and 19.13% q/q….
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