The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to utilize Nigeria's growing trade surplus to drive industrialization, attract investment, and enhance the country's economic competitiveness. This appeal was made by ACCI's Director-General, Mr. Agabaidu Jideani, in response to the National Bureau of Statistics' (NBS) latest merchandise trade report. The report revealed a significant increase in Nigeria's total merchandise trade.
According to the NBS data, Nigeria's total merchandise trade rose from N34.79 trillion in the first quarter of 2026 to N41.44 trillion in the second quarter, representing a 19.13 percent increase. The country also recorded a trade surplus of N12.60 trillion during the quarter, primarily driven by increased exports and a decline in imports. Jideani described this development as encouraging but emphasized the need to consider the broader challenges facing Nigerian businesses and the economy.
Jideani noted that the increase in the trade surplus was largely due to stronger crude oil exports and a contraction in import volumes. While a positive trade balance could improve foreign exchange availability and strengthen macroeconomic stability, it may not automatically translate into inclusive economic growth or widespread improvements in living standards. He stressed that the sustainability of the gains would depend on the country's ability to expand domestic production and value addition.
The ACCI chief identified key sectors requiring greater investment, policy support, and development strategies, including agro-processing, light manufacturing, pharmaceuticals, solid minerals, and digital services. He warned that continued dependence on crude oil exports could leave the economy vulnerable to fluctuations in global energy prices. Additionally, Jideani cautioned that weak value addition in the non-oil sector could undermine the sustainability of Nigeria's trade gains.
Jideani emphasized the need for deliberate industrial and trade policies to create jobs and strengthen the resilience of Micro, Small, and Medium Enterprises (MSMEs). He also called for affordable working capital for exporters, stronger incentives for local content and value addition, and faster deployment of gas and renewable energy to reduce production costs. This, he believes, will help consolidate the gains recorded in the second quarter.
The decline in imports should not be interpreted as evidence of stronger domestic production or import substitution, Jideani noted. Lower import volumes could also reflect suppressed consumer demand and production constraints arising from the difficult operating environment facing businesses. To support the growth of domestic industries, the country must move beyond exporting raw materials to producing finished and semi-finished goods for international markets.
The ACCI's call for policy action aims to ensure that Nigeria's trade gains translate into sustainable economic growth and improved living standards. By leveraging the trade surplus to drive industrialization and investment, the government can create jobs, enhance economic competitiveness, and reduce the country's dependence on crude oil exports. This, in turn, will help to build a more resilient and diversified economy.
Key points
- The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to leverage Nigeria's rising trade surplus to accelerate industrialisation, attract investment and strengthen the country's economic competitiveness.
- Nigeria's total merchandise trade increased from N34.79 trillion in the first quarter of 2026 to N41.44 trillion in the second quarter, representing a 19.13 percent rise.
- The sustainability of Nigeria's trade gains would depend largely on the country's ability to expand domestic production and value addition.
