The Tinubu Media Volunteers (TMV) has described Nigeria’s N12.59 trillion trade surplus recorded in the second quarter of 2026 as a strong indication that the country is gradually moving away from dependence on crude oil exports towards a more diversified economy.
The group said the development reflected the positive impact of the economic reforms being implemented by President Bola Tinubu’s administration, particularly the growing contribution of non-oil exports to Nigeria’s external trade.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, TMV said the increasing volume of merchandise and non-oil exports showed that Nigeria’s traditional over-reliance on crude oil was gradually declining.
The group noted that exports accounted for about 65 per cent of Nigeria’s total trade during the quarter under review, compared with imports, which accounted for 34.80 per cent and were valued at about N14.424 trillion.
According to TMV, the rising contribution of non-oil products to export earnings is particularly significant because it points to a gradual broadening of Nigeria’s foreign exchange earnings beyond crude oil.
The group also identified the Dangote Refinery as one of the developments contributing to the country’s improved trade outlook, citing the export of refined petroleum products, fertiliser and aviation fuel.
TMV said the refinery’s reported export of Jet A1 fuel to markets in Europe, America and other jurisdictions was helping Nigeria earn additional foreign exchange while strengthening the country’s external trade position.
“We are gladdened with the fact that from the remarkable improvement in Nigeria’s trade surplus, it is clear that the balance of payment between Nigeria and the rest of the world is positive for the country,” the group said.
It added that the growing export of non-oil products under the Tinubu administration represented an important step towards building a sustainable economy capable of reducing its dependence on crude oil.
TMV therefore applauded the reported trade surplus and what it described as the positive direction of Nigeria’s trade relationship with the global community, while commending President Tinubu for what it called his persistent efforts to redirect the Nigerian economy from a mono-economy towards greater diversification.
