The Abuja Chamber of Commerce and Industry says Nigeria’s rising trade surplus presents an opportunity to deepen industrialisation, attract investment and strengthen economic competitiveness.
Agabaidu Jideani, ACCI’s director-general, said this on Thursday in Abuja.
Mr Jideani was reacting to the National Bureau of Statistics’ recent report on Nigeria’s merchandise trade. He said recent figures released by the NBS showed that merchandise trade rose from N34.79 trillion in the first quarter of 2026 to N41.44 trillion in the second quarter.
The ACCI chief said the second-quarter figure represented a 19.13 per cent increase from the N34.79 trillion recorded in the first quarter. He said the country recorded a trade surplus of N12.60 trillion, driven by higher exports and lower imports during the period.
Mr Jideani urged the federal government to channel Nigeria’s rising trade surplus into industrial development and expand non-oil exports. According to him, the performance is encouraging but should be interpreted cautiously from the business community’s perspective.
“The increase in the trade surplus largely reflected stronger crude oil exports and a contraction in import volumes,’’ he said.
The ACCI boss said the development had yet to reflect broad-based diversification of Nigeria’s non-oil export base. He said a positive trade balance could improve foreign exchange availability and macroeconomic stability but would not automatically create inclusive growth.
“The gains must be supported by deliberate industrial and trade policies to create jobs and strengthen the resilience of micro, small and medium enterprises (MSMEs).
“The second quarter 2026 trade figures presented both opportunities and challenges for the Nigerian economy. The improved trade balance could provide fiscal and external buffer space to deepen reforms that lower production costs and attract private investment,” he said.
The ACCI director-general identified agro-processing, light manufacturing, pharmaceuticals, solid minerals and digital services as priority sectors requiring increased investment and policy support. He warned, however, that continued dependence on crude oil exports could expose the economy to global energy price shocks.
He added that weak value addition in non-oil sectors could undermine the sustainability of the country’s trade gains.
Mr Jideani noted that a decline in imports could also indicate suppressed domestic demand and production constraints rather than increased import substitution. He called for affordable working capital for exporters, incentives for local content and value addition, and faster deployment of gas and renewable energy.
Mr Jideani urged stronger implementation of African Continental Free Trade Area (AfCFTA) commitments, streamlined export documentation and improved collaboration among relevant agencies and the private sector.
The ACCI director-general called for greater integration of the MSMEs into global value chains through capacity building, digital trade and structured buyer-supplier linkages. He also urged the government to address power, logistics, multiple taxation and insecurity to enable businesses to expand production and compete regionally.
(NAN)
