The Tinubu Media Volunteers (TMV) has described Nigeria’s N12.59 trillion trade surplus recorded in the second quarter of 2026 as evidence that the country is gradually moving away from its long standing dependence on crude oil exports towards a more diversified economy.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said the increasing contribution of non oil exports to Nigeria’s trade performance indicated that the Federal Government’s economic reform agenda was beginning to yield results.
TMV said the latest trade figures showed that exports accounted for about 65 per cent of Nigeria’s total trade during the period, while imports accounted for about 35 per cent.
It attributed the development partly to increased exports of merchandise and non oil products, saying the trend was helping to reduce the country’s over reliance on crude oil as its major source of foreign exchange.
The group also highlighted the contribution of the Dangote Refinery to Nigeria’s changing trade profile, particularly through exports of petroleum products, fertiliser and aviation fuel.
“It is 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, fertiliser and Jet A1 fuel,” the statement said.
TMV noted that the refinery’s export of Jet A1 fuel to markets in Europe, America and other jurisdictions was helping Nigeria earn additional foreign exchange while supporting the country’s external reserves.
The group said the improvement in the country’s trade position was also an indication of a positive balance of payments in Nigeria’s transactions with the rest of the world.
According to TMV, the development demonstrates that the economic reform agenda of President Bola Tinubu’s administration is facilitating greater diversification of Nigeria’s export base.
“It is also noted that during the period under review, imports accounted for 34.80 per cent of total trade, with a value of N14.424 trillion, compared to exports totalling N12.59 trillion,” the statement said.
TMV commended the reported improvement in Nigeria’s trade position and applauded President Tinubu’s efforts to redirect the economy from dependence on crude oil towards a more diversified and sustainable economic structure.
The group maintained that sustained growth in non oil exports would be critical to building an economy capable of generating foreign exchange from a broader range of products and sectors.
