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Trade \u200b\u200c\u200c\u200b\u200d\u200b\u200b\u200d\u2060\u2060\u200c\u2060\u200c\u200b\u2060\u200c\u200c\u200d<\/p>\n
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By Vivian Emoni<\/p>\n
Abuja
\nThe Abuja Chamber of Commerce and Industry (ACCI) urges the Federal Government to use its rising trade surplus to accelerate economic diversification and strengthen productive capacity.<\/p>\n
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Prof. Adesoji Adesugba, ACCI First Deputy President, made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.<\/p>\n
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Adesugba said recent figures released by the National Bureau of Statistics (NBS) showed that merchandise trade rose to N41.44 trillion in Q2 2026.<\/p>\n
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He said the figure represented a 19.13 per cent increase from the N34.79 trillion recorded in the first quarter.<\/p>\n
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According to him, the figures were encouraging, but the composition of the trade balance carried more significant implications for the economy.<\/p>\n
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\u201cThe quarter recorded a trade surplus of N12.60 trillion, with exports of N27.02 trillion against imports of N14.42 trillion.<\/p>\n
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\u201cThe surplus can strengthen the naira, support external reserves and ease pressure on the balance of payments,\u201d he said.<\/p>\n
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The ACCI first deputy president said Nigeria earned substantially more from international trade than it spent during the quarter.<\/p>\n
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He noted that the 12.55 per cent year-on-year decline in imports also provided important signals about the economy.<\/p>\n
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According to him, the decline could reflect growing import substitution and weaker demand for foreign goods as domestic production and sourcing expand.<\/p>\n
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Adesugba, however, cautioned against celebrating the figures without examining their composition and Nigeria\u2019s continued dependence on crude oil.<\/p>\n
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He said crude oil accounted for N12.91 trillion, representing 47.79 per cent of total exports, while total mineral products constituted 87.04 per cent.<\/p>\n
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He said the figures reflected Nigeria\u2019 continued vulnerability to commodities and international prices beyond its control.<\/p>\n
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Adesugba added that a surplus built largely on oil earnings could weaken if global crude oil prices declined significantly.<\/p>\n
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He said the apparent strength of the external sector was partly driven by favourable oil earnings rather than fundamental changes in Nigeria\u2019s production structure.<\/p>\n
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According to him, the more sustainable opportunity lies in expanding non-oil and non-crude exports, although the figures show mixed performance.<\/p>\n
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\u201cNon-crude oil exports reached N14.11 trillion, representing 52.21 per cent of total exports, while non-oil products contributed N3.73 trillion,\u201d he said.<\/p>\n
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The ACCI first deputy president expressed concern over the sharp year-on-year decline in agricultural exports, saying diversification remained a major economic priority.<\/p>\n
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He identified manufactured goods, processed agricultural products and refined solid minerals as areas capable of reducing Nigeria\u2019s dependence on crude oil.<\/p>\n
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He said these sectors could strengthen Nigeria\u2019s resilience to oil price fluctuations while creating employment opportunities for the country\u2019s growing youth population.<\/p>\n
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Adesugba said the import profile was also significant, with machinery and transport equipment accounting for N5.46 trillion, or 37.83 per cent of imports.<\/p>\n
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He said importing capital goods and machinery could support productive capacity by enabling businesses to expand manufacturing and other economic activities.<\/p>\n
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According to him, greater concern would arise if imports were dominated by consumables and finished products that could be produced domestically.<\/p>\n
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\u201cThe trade surplus could support a stronger naira, healthier reserves and greater macroeconomic stability in the short term.<\/p>\n
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\u201cThe favourable trade balance should be viewed as an opportunity to accelerate reforms that will make economic growth less dependent on oil,\u201d he said.<\/p>\n
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Adesugba urged the government and private sector to convert the favourable trade position into productive, diversified and value-adding capacity.<\/p>\n
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He said future trade surpluses should increasingly reflect what Nigerians produce, grow, manufacture and refine, rather than what the country extracts. (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
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