{"id":1248,"date":"2026-09-20T12:01:27","date_gmt":"2026-09-20T12:01:27","guid":{"rendered":"https:\/\/primerisenews.com\/?p=1248"},"modified":"2026-09-20T12:01:27","modified_gmt":"2026-09-20T12:01:27","slug":"trade-surplus-positive-signal-boost-for-nigerias-economy-experts","status":"publish","type":"post","link":"https:\/\/primerisenews.com\/?p=1248","title":{"rendered":"Trade surplus: positive signal boost for Nigeria\u2019s economy \u2013experts"},"content":{"rendered":"

<\/h2>\n
\n

Trade
\nBy Vivian Emoni
\nAbuja
\nFinancial experts say the trade surplus recorded by Nigeria in the second quarter of 2026 is a positive signal that can boost the country\u2019s economy.<\/p>\n

The experts said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.<\/p>\n

The experts were reacting to the National Bureau of Statistics\u2019 (NBS) recent report that total merchandise trade reached N41.44 trillion in the second quarter.<\/p>\n

They said that the figures represented a 19.13 per cent increase from N34.79 trillion in first quarter 2026, adding that the latest trade figures was encouraging for the economy.<\/p>\n

According to them, the N12.60 trillion trade surplus is significant, with exports standing at N27.02 trillion and imports at N14.42 trillion.<\/p>\n

\u201cThe total merchandise trade of N41.44 trillion, rising 19.13 per cent over the N34.79 trillion of the first quarter 2026, shows that the external sector is expanding rather than contracting.\u201d<\/p>\n

Prof. Adesoji Adesugba, the First Deputy President, Abuja Chamber of Commerce and Industry (ACCI), however, called for stronger investment in manufacturing, agriculture and value addition.<\/p>\n

Adesugba said that there was the need to translate Nigeria\u2019s rising trade surplus into broader economic growth.<\/p>\n

\u201cThe N12.60 trillion trade surplus was significant, with exports standing at N27.02 trillion and imports at N14.42 trillion,\u201d he said.<\/p>\n

Adesugba said that the surplus could strengthen the naira, support external reserves and ease pressure on Nigeria\u2019s balance of payments.<\/p>\n

He said the 12.55 per cent year-on-year decline in imports could indicate increased import substitution and stronger domestic production.<\/p>\n

Though, he cautioned against celebrating the figures without examining the composition of Nigeria\u2019s exports.<\/p>\n

He said crude oil accounted for N12.91 trillion, representing 47.79 per cent of total exports, while mineral products constituted 87.04 per cent.<\/p>\n

He said the figures showed that Nigeria\u2019s trade performance remained heavily dependent on commodities and vulnerable to international price movements.<\/p>\n

The ACCI first deputy president said that more sustainable opportunities remained in non-oil exports, particularly manufactured products, processed agricultural goods and refined solid minerals.<\/p>\n

He noted that non-crude oil exports reached N14.11 trillion, representing 52.21 per cent of exports, while genuine non-oil products contributed N3.73 trillion.<\/p>\n

\u201cThe decline in agricultural exports underscored the need for stronger efforts to diversify the country\u2019s export base.<\/p>\n

\u201cThe machinery and transport equipment accounted for N5.46 trillion, representing 37.83 per cent of total imports.<\/p>\n

\u201cImports of machinery and capital goods could support productive capacity if effectively deployed to expand manufacturing and exports,\u2019\u2019 he said.<\/p>\n

Adesugba advised the government and private sector to convert the favourable trade balance into productive and value-adding capacity.<\/p>\n

He said the current surplus was an opportunity to strengthen economic resilience and reduce dependence on crude oil.<\/p>\n

Mr Williams Osaze, the President, Society for the Promotion of People\u2019s Rights, an NGO, described the increase as a positive development to the country`s economy.<\/p>\n

Osaze said stronger trade performance could boost industrial activities, create jobs and increase government revenue if export growth was linked to local production.<\/p>\n

He emphasised the need to expand non-oil exports, improve infrastructure and support manufacturers to achieve broader economic benefits.<\/p>\n

The expert also warned that rising trade figures alone would not automatically translate into better living conditions without lower inflation and higher household incomes.<\/p>\n

Dr Chinedu Amadi, the President of Organisation of Youths in International Trade and Commerce (OY-ITC), an NGO, said the trade surplus showed significant growth.<\/p>\n

Amadi, however, said comparing naira-denominated trade figures alone may not accurately reflect the economy\u2019s expansion, given significant changes in the value of the naira since 2023.<\/p>\n

He said that the International Monetary Fund (IMF) reported that Nigeria\u2019s current-account surplus increased from 0.5 per cent of Gross Domestic Products (GDP) in 2023 to 7.5 per cent in 2024.<\/p>\n

Amadi said that it declined to 4.8 per cent in 2025, while gross international reserves rose from 40.2 billion dollars in 2024 to 45.8 billion dollars in 2025.<\/p>\n

He added that the net international reserves also increased from 23 billion dollars to 35 billion dollars, as well as the IMF projected gross reserves of 58.1 billion dollars for 2026.<\/p>\n

Amadi said that the improvements indicated stronger capacity to meet external obligations, support the foreign exchange market and withstand external shocks.<\/p>\n

According to him, the foreign exchange reforms have also moved the system closer to a market-based regime, reducing some distortions associated with multiple exchange rates.<\/p>\n

He also said that the IMF reported that in March 2026, the naira had appreciated by about 10 per cent year-on-year against the U.S. dollar.<\/p>\n

He said, however, the exchange rate remained an important consideration when assessing the substantial growth recorded in naira-denominated trade figures.<\/p>\n

\u201cThe IMF estimated Nigeria\u2019s nominal GDP at about 252 billion dollars in 2023, 290 billion dollars in 2024 and 377 billion dollars in 2025.<\/p>\n

He said that it projected nominal GDP at about 388 billion dollars in 2026, indicating significant recovery in dollar terms following the foreign exchange adjustment after the 2023 reforms.<\/p>\n

\u201cSimilarly, quarterly merchandise trade increased from about N12.7 trillion in 2023 to N41.44 trillion in the second quarter of 2026.<\/p>\n

\u201cHowever, the increase should not be interpreted as a 225 per cent expansion in physical trade, as exchange-rate depreciation and domestic price increased contributed substantially.<\/p>\n

\u201cMore importantly, exports have strengthened relative to imports, while Nigeria has sustained sizable external surpluses, providing evidence of improvement in its external position,\u2019\u2019 he said.<\/p>\n

Dr Dada Yusuf, said the figures reflected improved foreign exchange earnings and stronger external balances.<\/p>\n

Yusuf said that rising exports and lower import dependence could strengthen the naira, improve reserves and support macroeconomic stability.<\/p>\n

According to him, the growth also indicates increasing economic activities in key sectors, particularly oil and petroleum products, which remain dominant in Nigeria\u2019s export basket.<\/p>\n

Prof. Ken Ife, also an economist and development expert, said the trade surplus was a positive signal because it enhanced Nigeria\u2019s capacity to meet external obligations.<\/p>\n

Ife said that sustained surpluses could improve investor\u2019s confidence and provide the government with more fiscal space to support productive sectors of the economy.<\/p>\n

He emphasised that the structure of exports remained a major concern, as crude oil and petroleum products still accounted for a substantial share of export earnings.<\/p>\n

He noted that the IMF had earlier stated that Nigeria\u2019s reforms had strengthened macroeconomic stability and improved external reserves.<\/p>\n

The experts agreed that Nigeria\u2019s growing trade surplus presents an opportunity to deepen economic reforms, diversify exports and achieve more inclusive growth.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Financial experts say the trade surplus recorded by Nigeria in the second quarter of 2026 is a positive signal that can boost the country\u2019s economy.<\/p>\n","protected":false},"author":2,"featured_media":1249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[59],"tags":[737,738,736,364],"class_list":["post-1248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-finacialexperts","tag-nbs","tag-surplus","tag-trade"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/primerisenews.com\/wp-content\/uploads\/2026\/09\/download.webp","_links":{"self":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1248"}],"version-history":[{"count":1,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1248\/revisions"}],"predecessor-version":[{"id":1250,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1248\/revisions\/1250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/media\/1249"}],"wp:attachment":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}