Nigeria's Non-Crude Oil Exports Surpass Crude for First Time in Six Years at N14.11 Trillion
Nigeria achieved its largest trade surplus on record in Q2 2026, driven by non-crude oil products like jet fuel and gas oil overtaking crude oil exports due to increased domestic refining capacity.
Foreign Trade statistics released by the National Bureau of Statistics confirm that Nigeria's earnings from non-crude oil exports exceeded crude oil exports for the first time in at least six years during the second quarter of 2026. Non-crude oil products, primarily kerosene-type jet fuel, gas oil, natural gas, and urea, generated N14.11 trillion compared to N12.91 trillion from crude oil alone. This shift pushed crude's share of total exports to 47.8 percent, the lowest level in data going back to 2020. Total merchandise exports rose 18.8 percent year-on-year to N27.02 trillion while imports fell 12.6 percent to N14.42 trillion. The widening trade surplus reached N12.60 trillion, up from N6.26 trillion in the same quarter of 2025. This structural change tracks the ramp-up of the Dangote refinery, whose output has displaced imported fuel and contributed to export volumes. Total trade for the quarter amounted to N41.44 trillion.
