Nigeria's Q2 trade surplus jumps to $9.5 billion as oil imports fall

Nigeria's trade balance surged to a $9.5 billion surplus in the second quarter, a figure that is double what it was a year earlier, according to one outlet statistics agency. The improvement stems from a steep reduction in fuel imports combined with a surge in crude oil and raw material exports. Elevated oil prices, spurred by the ongoing Iran war, and expanded export volumes further reinforced the surplus.

Analysts attribute much of the shift to the Dangote Refinery, which reached full operational capacity this year after its initial launch in September 2024, reducing the country's historic dependence on imported fuel. The refinery is slated to double its capacity to 1.4 million barrels per day, promising additional gains. Despite these advances, the downstream oil sector's regulator maintains that a certain level of fuel imports remains necessary to ensure domestic competition.