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Nigeria’s total export earnings rose 23.7 per cent year on year to $35.64 billion in the first half of 2026, according to Central Bank of Nigeria quarterly data. Petroleum-products exports drove much of the increase, while Proshare’s analysis of the same CBN data showed the country’s merchandise trade surplus climbed to $16.1 billion from $8.2 billion a year earlier.
Nigeria recorded stronger export performance in the first half of 2026, with total export earnings rising to $35.64 billion, according to quarterly data from the Central Bank of Nigeria.
The figure represents a 23.7 per cent increase from the same period a year earlier, pointing to firmer external trade receipts over the six-month period.
A major driver of the increase was petroleum-products exports, which jumped 238.7 per cent year on year to $6.31 billion. That segment accounted for most of the overall growth in export earnings during the period.
Crude oil exports also increased, though at a slower pace. CBN data showed crude oil export earnings rose 7.7 per cent year on year to $17.51 billion in the first half of 2026.
Gas exports also posted growth, rising 4.2 per cent to $6.22 billion over the same period.
Separate analysis by Proshare, based on the CBN data, showed Nigeria’s merchandise trade surplus in the first half of 2026 reached $16.1 billion. That was up sharply from $8.2 billion recorded in the corresponding period of the previous year.
The latest figures suggest that stronger export earnings, especially from refined petroleum-related products, helped widen the gap between export receipts and import spending in Nigeria’s favour during the period.
Taken together, the data show that oil and gas-related exports remained central to Nigeria’s external earnings in the first half of the year, even as growth rates varied across product categories.
Why it matters
The figures matter because export earnings are a key source of foreign exchange for Nigeria. A higher trade surplus can signal stronger external-sector performance and improved capacity to earn dollars from goods sold abroad.
The composition of the growth is also important. Petroleum-products exports expanded far faster than crude oil and gas, indicating that this category was the main force behind the rise in total export earnings in the first half of 2026.
What it means for your money
For most households, there is no direct immediate personal-finance change stated in the data. However, stronger export earnings and a wider trade surplus are important macroeconomic indicators because they affect Nigeria’s external position and foreign-exchange inflows.
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What matters next is whether the export momentum seen in the first half of 2026 is sustained in later CBN data releases. It will also be important to watch whether petroleum-products exports remain the main driver of growth, or whether crude oil and gas make a larger contribution in subsequent periods.
Nigeria’s first-half 2026 trade figures show a clear improvement in export earnings and a much larger merchandise trade surplus, driven mainly by a surge in petroleum-products exports.
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