N12.59tn trade surplus shows Nigeria diversifying — TMV
By Alabidun Shuaib AbdulRahman
The Tinubu Media Volunteers, TMV have said Nigeria’s N12.59tn trade surplus recorded in the second quarter of 2026 indicates that the country is gradually moving away from an economy heavily dependent on crude oil exports.
TMV said the development reflected the impact of increased merchandise and non-oil exports, as well as the growing contribution of domestic refining to Nigeria’s foreign exchange earnings.
In a statement by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said the figures showed an improvement in Nigeria’s external trade position under President Bola Tinubu’s economic reform agenda.
The group said the ratio of exports to imports in the second quarter stood at about 65 per cent to 35 per cent, arguing that the rise in non-oil exports was particularly significant for economic diversification.
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“It is also worthy of note that the Dangote refinery has added to the positive outlook of Nigeria’s trade surplus, especially with the export of premium motor spirit, fertilizer and Jet A1 fuel,” TMV said.
The group noted that the refinery was exporting Jet A1 fuel to Europe, the United States and other markets, adding that such exports were contributing to foreign exchange earnings and strengthening Nigeria’s external position.
TMV said the improvement in the country’s trade balance showed that Nigeria’s balance of payments with the rest of the world was becoming more favourable.
It said the development was consistent with the Tinubu administration’s objective of reducing the country’s dependence on crude oil and expanding the contribution of non-oil products to the economy.
“Under the President Bola Tinubu administration’s economic reform agenda, Nigeria is presently exporting more non-oil products thereby diversifying the country’s economy. This is the only way we can build a sustainable national economy that is not dependent on oil,” the group said.
The organisation also said imports accounted for 34.8 per cent of total trade during the period under review, with a value of N14.424tn, while exports accounted for about 65 per cent.
TMV applauded what it described as the country’s improved trade performance and positive balance of payments, saying the development would strengthen Nigeria’s position in global commerce.
The group also commended Tinubu for what it described as persistent efforts to redirect the economy from dependence on crude oil towards a more diversified and sustainable economic structure.
