Nigeria’s earnings from exports of non-crude oil products overtook crude oil exports for the first time in at least six years in the second quarter of 2026, according to Foreign Trade in Goods statistics released by the National Bureau of Statistics (NBS), doubling the country’s trade surplus from a year earlier.
Non-crude oil exports, a category dominated by kerosene-type jet fuel, gas oil, natural gas and urea, totalled N14.11 trillion in the April-to-June quarter, against N12.91 trillion in crude oil exports, NBS data show.
Crude’s share of total exports fell to 47.8 percent, the lowest quarterly figure in NBS data reviewed by BusinessDay going back to 2020, down from 52.6 percent in the second quarter of 2025 and 62.9 percent as recently as the first quarter of 2025.
Nigeria’s total merchandise exports rose 18.8 percent year-on-year to N27.02 trillion, while imports fell 12.6 percent to N14.42 trillion, widening the trade
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