Oil Dominates Nigeria’s N27trn Exports as Non-Oil Earnings Remain at 14%

Nigeria’s export earnings rose to N27.02trn in the second quarter of 2026, but crude oil and other petroleum products continued to account for the bulk of the country’s exports, latest data from the National Bureau of Statistics have shown.

The NBS Foreign Trade in Goods Statistics for Q2 2026 showed that non-oil products contributed only N3.73trn, representing 13.80 per cent of Nigeria’s total exports during the period.

Total exports increased by 18.77 per cent from N22.75trn recorded in the corresponding quarter of 2025 and rose by 27.64 per cent from N21.17trn in the first quarter of 2026.

Despite the increase, the figures showed that Nigeria’s export earnings remained largely dependent on petroleum and mineral products.

Crude oil exports stood at N12.91trn, accounting for 47.79 per cent of total exports in the quarter.

The figure represented a 7.93 per cent increase from N11.97trn recorded in Q2 2025 and a 15.28 per cent rise from N11.20trn in Q1 2026.

Other petroleum products contributed another N10.38trn, rising by 34.08 per cent from N7.74trn recorded in the corresponding quarter of 2025.

On a quarter-on-quarter basis, the category increased by 53.05 per cent from N6.78tn in Q1 2026.

Combined, crude oil and other petroleum products accounted for about N23.29trn, or more than 86 per cent of Nigeria’s total exports during the quarter.

Non-Oil Exports Remain Low

The latest figures underline the difficulty Nigeria continues to face in diversifying its export base away from crude oil.

The NBS said mineral products accounted for N23.52trn, representing 87.04 per cent of total exports.

Products of the chemical and allied industries followed with N2.14trn, while vegetable products contributed N516.70bn.

Although the country recorded higher overall export earnings, the contribution from non-oil products remained relatively small.

This means that movements in petroleum exports continue to have a significant influence on Nigeria’s external trade performance.

Agricultural Exports Fall

The agricultural sector also recorded a decline in export earnings during the quarter.

According to the NBS, agricultural exports fell to N802.99bn, representing a 36.09 per cent decline from N1.26trn recorded in Q2 2025.

The value also dropped by 31.51 per cent compared with the N1.17trn recorded in Q1 2026.

Cashew nuts in shell remained the largest agricultural export at N268.62bn, followed by standard-quality cocoa beans at N154.31bn and sesame seeds at N96.03bn.

Superior-quality cocoa beans accounted for N58.82bn, while soya beans contributed N50.22bn.

At the same time, Nigeria’s agricultural import bill increased.

Agricultural goods imports stood at N1.20trn, up 1.63 per cent from N1.18trn in Q2 2025 and 45.43 per cent from N827.72bn in Q1 2026.

The development means Nigeria exported less agricultural produce while importing more agricultural goods during the quarter.

Manufacturing Export Earnings Plunge

The manufacturing sector also recorded a sharp decline in export earnings.

Manufactured goods exports fell by 51.10 per cent year-on-year to N393.03bn, although the figure represented a 29.87 per cent increase from N302.64bn recorded in Q1 2026.

In contrast, manufactured goods imports rose significantly.

The NBS put manufactured goods imports at N9.51trn, representing a 20.65 per cent increase from N7.88trn recorded in Q2 2025 and a 12.10 per cent rise from N8.48tn in Q1 2026.

Machinery and transport equipment accounted for the largest share of imports at N5.46tn, representing 37.83 per cent of total imports.

Chemicals and related products followed with N2.51trn, or 17.43 per cent, while manufactured goods accounted for N1.87trn.

Raw Materials, Solid Minerals Record Growth

Despite the weak performance of agricultural and manufactured exports, some non-oil categories recorded strong growth.

Raw material exports jumped by 181.24 per cent to N2.31trn in Q2 2026, compared with N819.72bn in Q2 2025.

The value also increased by 50.31 per cent from N1.53trn recorded in Q1 2026.

Urea was a major contributor, with exports to the United States alone valued at N1.07trn.

Solid mineral exports also increased significantly, rising by 90.03 per cent year-on-year to N146.91bn from N77.31bn in Q2 2025.

Trade Surplus Rises To N12.6trn

The stronger export performance, combined with lower year-on-year imports, pushed Nigeria’s merchandise trade surplus to N12.60tn in Q2 2026.

The surplus increased by 101.32 per cent compared with the corresponding quarter of 2025.

Total imports stood at N14.42trn, representing a 12.55 per cent decline from N16.49trn recorded in Q2 2025, although imports rose by 5.91 per cent compared with Q1 2026.

Overall, Nigeria’s Q2 trade figures showed a stronger external position, but the composition of exports remains a major concern.

With crude oil and other petroleum products accounting for more than four-fifths of export earnings, while agricultural and manufactured exports recorded declines, the latest data suggest that Nigeria’s export diversification drive still has significant ground to cover.