Michael Eboh
Dublin, Ireland — Nigeria imported crude oil valued at N628.886 billion from four countries — Libya, Ghana, Angola and Cameroon, in the second quarter of 2026, accounting for 79.94 per cent of total crude oil imported into the country in the quarter under review.
According to data released by the National Bureau of Statistics, in its second quarter 2026 Foreign Trade in Goods Statistics, Nigeria imported crude oil valued at N786.729 billion in the second quarter of 2026, dropping sharply by 58.75 percent compared with N1.907 trillion recorded in the first quarter of 2026.
Specifically, the NBS disclosed that the majority of Nigeria’s crude oil imports in the quarter under review, were from Libya, as crude import from the country stood at N305.655 billion.
Ghana followed with the sale of N138.411 billion crude oil to Nigeria, while the NBS added that Nigeria also spent N121.895 billion to import crude oil from Angola, and N62.924 billion from Cameroon.
Giving a monthly breakdown of the import of the commodity in the quarter under review, the NBS added that Nigeria imported crude oil from other African countries valued at N62.924 billion, N444.067 billion, and N121.895 billion, in April, May and June 2026, respectively; while crude oil worth N157.843 billion was imported from the Americas in April 2026 alone, with no import in May and June 2026.
Conversely, in the second quarter of 2025, Nigeria imported crude oil valued at N1.344 trillion from the United States of America (USA); while crude oil valued at N97.171 billion was imported from Equatorial Guinea.
In its analysis of trade in the quarter under review, the NBS said: “The value of total imports stood at N14.424 trillion in the second quarter of 2026, representing a 12.55 per cent decrease from the value recorded in the corresponding quarter of 2025 (N16.494 trillion) and a 5.91 per cent increase compared to the value recorded in first quarter 2026 (N13.619 trillion).”
It added that the most imported commodities during the quarter were Premium Motor Spirit, crude oil, durum wheat, used vehicles with diesel or semi-diesel engines and completely knocked down motorcycles and cycles fitted with auxiliary motors.
“Using the Standard International Trade Classification, the top-ranked group imports were ‘machinery and transport equipment’ with N5.457 trillion, representing 37.83 per cent of total imports. This was followed by ‘Chemicals & related products’
with N2.515 trillion (17.43 per cent of total imports) and ‘Manufactured goods’ with N1.873 trillion or 12.99 per cent of total imports,” the NBS noted.
