The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to channel Nigeria's growing trade surplus into investments that will expand domestic production and reduce the economy's dependence on crude oil. This call was made by the First Deputy President of ACCI, Adesoji Adesugba, in reaction to the latest merchandise trade figures released by the National Bureau of Statistics. The trade surplus reached N12.60 trillion in the second quarter of 2026.
According to the National Bureau of Statistics, Nigeria's merchandise trade increased to N41.44 trillion in the second quarter of 2026, representing a 19.13 per cent rise from the N34.79 trillion recorded in the preceding quarter. The trade surplus was achieved with exports of N27.02 trillion against imports of N14.42 trillion. This significant increase in trade surplus can strengthen the naira, support external reserves, and ease pressure on the balance of payments.
Adesugba noted that the figures indicated Nigeria generated considerably more revenue from merchandise exports than it spent on imports during the period under review. He also drew attention to the 12.55 per cent year-on-year reduction in imports, suggesting increasing domestic substitution for foreign goods and softer demand for imported products. However, he cautioned that the headline trade surplus should not be viewed in isolation, particularly given the continued dominance of crude oil and mineral products in Nigeria's export earnings.
Crude oil alone accounted for N12.91 trillion, equivalent to 47.79 per cent of total exports, while mineral products collectively represented 87.04 per cent of exports. Adesugba warned that a trade surplus substantially supported by crude oil earnings could come under pressure if international oil prices experience a significant decline. This concentration of export earnings in commodities leaves Nigeria exposed to fluctuations in global commodity prices and other external factors outside the country's control.
Adesugba argued that the latest trade figures, while favourable, did not necessarily indicate a fundamental transformation in Nigeria's productive structure, as the country's external position remained heavily influenced by oil earnings. He identified manufactured products, processed agricultural commodities, and refined solid minerals as sectors with the potential to increase foreign exchange earnings while reducing the economy's exposure to oil-market volatility.
The ACCI official expressed concern over the substantial year-on-year decline in agricultural exports, stressing that Nigeria needed to intensify efforts to diversify its export base. He called for closer collaboration between the government and private sector to ensure that the current favourable trade position translates into higher domestic productive capacity and greater value addition. This can provide a stronger foundation for sustainable economic growth and reduce the vulnerability of the economy to swings in international oil prices.
On the import side, Adesugba noted that machinery and transport equipment accounted for N5.46 trillion, representing 37.83 per cent of total imports during the quarter. He said the composition of imports was important in determining whether the country was using its foreign exchange outflows to strengthen productive capacity or merely finance consumption. The trade surplus could support a stronger naira, healthier reserves, and greater macroeconomic stability in the short term.
Key points
- ACCI urges FG to invest growing trade surplus in domestic production.
- Nigeria's trade surplus reaches N12.6 trillion in Q2 2026.
- Crude oil accounts for 47.79% of Nigeria's total exports.
