Abuja:Nigeria’s rising trade surplus presents a significant opportunity to enhance industrialisation, attract investment, and boost economic competitiveness, According to Abuja Chamber of Commerce and Industry (ACCI).
According to News Agency of Nigeria, Mr. Agabaidu Jideani, Director-General of ACCI, expressed these views in response to a recent report by the National Bureau of Statistics (NBS) on Nigeria’s merchandise trade. The NBS figures revealed an increase in merchandise trade from N34.79 trillion in the first quarter of 2026 to N41.44 trillion in the second quarter, marking a 19.13 percent rise. This period saw Nigeria achieving a trade surplus of N12.60 trillion, attributed to higher exports and reduced imports.
Jideani emphasized the need for the Federal Government to invest the rising trade surplus into industrial development and the expansion of non-oil exports. He highlighted that while the performance is promising, the business community should interpret it cautiously, noting that the trade surplus was mainly due to stronger crude oil exports and decreased import volumes.
He pointed out that the current trade situation does not yet signify a broad-based diversification of Nigeria’s non-oil export base. Although a positive trade balance could enhance foreign exchange availability and macroeconomic stability, it does not automatically lead to inclusive growth. Jideani stressed the importance of deliberate industrial and trade policies to create jobs and strengthen the resilience of Micro, Small and Medium Enterprises (MSMEs).
The second-quarter trade figures of 2026 present both opportunities and challenges for Nigeria’s economy. The improved trade balance could allow for fiscal and external buffering, enabling reforms to lower production costs and attract private investment. Jideani identified priority sectors such as agro-processing, light manufacturing, pharmaceuticals, solid minerals, and digital services as needing increased investment and policy support.
However, he cautioned against the economy’s continued reliance on crude oil exports due to potential global energy price shocks and highlighted the weak value addition in non-oil sectors as a threat to the sustainability of trade gains. The decline in imports might also suggest suppressed domestic demand and production constraints rather than increased import substitution.
Jideani called for measures such as affordable working capital for exporters, incentives for local content, and faster deployment of gas and renewable energy. He also urged stronger implementation of the African Continental Free Trade Area (AfCFTA) commitments, streamlined export documentation, and improved agency and private sector collaboration.
Furthermore, the ACCI director-general advocated for greater integration of MSMEs into global value chains through capacity building, digital trade, and structured buyer-supplier linkages. He urged the government to tackle issues like power, logistics, multiple taxation, and insecurity to help businesses expand production and compete on a regional scale.