The Tinubu Media Volunteers (TMV) has attributed the trade surplus of N12.59 trillion Nigeria recorded in Q2 of 2026 as an indication that the country is turning from an economy solely dependent on crude oil exports to a more diversified one.
In a statement by its Chairman Chukwudi Enekwechi and Secretary Segun Ogedengbe, the group pointed that the over-reliance on crude oil exports is dwindling.
The statement read, “It is noted that the ratio of exports to imports in the second quarter of 2026 is 65% to 35%. The positive implication of the rise in exports of merchandise goods and non-oil goods is that for the first time Nigeria is now earning more foreign exchange from the export of non-oil products.
”It is also worthy of note that the Dangote refinery has added to the positive outlook of the Nigeria’s trade surplus especially with the export of premium motor spirit, fertilizer and jet A1 fuel. It is on record that currently the refinery is exporting jet A1 fuel to Europe, America and other jurisdictions, and the result is that Nigeria is now earning more foreign exchange as well as improving the foreign reserve.
”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.
”Also under the President Bola Tinubu administration’s economic reform agenda, Nigeria is presently exporting more non-oil products thereby diversifying the country’s economy. This is the only way we can build a sustainable national economy that is not dependent on oil.
”It is also noted that during the period under review import accounted for 34.80 per cent of total trade with a value of N14.424.01 trillion compared to exports totaling N12.59 trillion amounting to about 65%.”
TMV applauded the trade surplus and positive balance of payment in trade with the global community as well as President Tinubu’s persistent effort to redirect the economy from a mono economy to a diversified economy.