Nigeria’s Non-Crude Exports Overtake Crude as Trade Surplus Soars
Nigeria recorded a landmark shift in its export economy as non-crude export earnings surpassed crude oil revenue in Q2 2026, according to NBS foreign trade data.
The figures show that total exports climbed to ₦27.02 trillion between April and June, while imports stood at ₦14.42 trillion, leaving the country with a merchandise trade surplus of ₦12.6 trillion, more than double the surplus recorded in the same period last year.
The standout development, however, is the changing composition of those exports. Crude oil remained Nigeria’s single largest export commodity at ₦12.91 trillion, but it accounted for less than half of total export earnings, about 47.8%. By contrast, non-crude exports collectively generated ₦14.11 trillion, representing 52.2% of exports and marking the first time they have overtaken crude in recent NBS records.
It is important to distinguish the broader category of non-crude exports from non-oil exports. The stronger performance was driven largely by other petroleum-related products such as natural gas, jet fuel, gas oil and urea, alongside contributions from agricultural produce, manufactured goods and raw materials. Pure non-oil exports amounted to ₦3.73 trillion, or 13.8% of total exports.
The latest figures represent a notable change from the first quarter of 2026, when crude oil still contributed more than half of export earnings and non-crude exports accounted for about 47%. The second-quarter results suggest that Nigeria’s export base is becoming more diversified, even if petroleum products continue to dominate overall trade.
India emerged as Nigeria’s largest export destination during the quarter, followed by Spain, the Netherlands, the United States and Togo, reflecting sustained demand across Asia, Europe and regional African markets. On the import side, China retained its position as Nigeria’s biggest trading partner.
Economists have long argued that reducing dependence on crude oil is essential for improving Nigeria’s resilience against volatile global energy prices. While the country’s foreign exchange earnings remain heavily tied to hydrocarbons, growing exports of refined petroleum products, fertilizer, gas and value-added commodities point to a gradual restructuring of the export economy.
The broader significance goes beyond one quarter’s numbers. Nigeria is not yet a non-oil export powerhouse, but the data signals that its earnings are becoming less reliant on crude alone. If sustained through stronger industrial production, agricultural processing and export infrastructure, this shift could strengthen external balances, improve foreign exchange stability and reshape the country’s long-term economic story.