The Abuja Chamber of Commerce and Industry (ACCI) has urged the federal government to use its rising trade surplus to accelerate economic diversification and strengthen productive capacity.

Adesoji Adesugba, ACCI first deputy president, made the call in an interview on Monday in Abuja.

Mr Adesugba said recent figures released by the National Bureau of Statistics (NBS) showed that merchandise trade rose to N41.44 trillion in Q2 2026.

He said the figure represented a 19.13 per cent increase from the N34.79 trillion recorded in the first quarter.

According to him, the figures were encouraging, but the composition of the trade balance carried more significant implications for the economy.

“The quarter recorded a trade surplus of N12.60 trillion, with exports of N27.02 trillion against imports of N14.42 trillion.

“The surplus can strengthen the naira, support external reserves and ease pressure on the balance of payments,” he said.

The ACCI first deputy president said Nigeria earned substantially more from international trade than it spent during the quarter.

He noted that the 12.55 per cent year-on-year decline in imports also provided important signals about the economy.

According to him, the decline could reflect growing import substitution and weaker demand for foreign goods as domestic production and sourcing expand.

Mr Adesugba, however, cautioned against celebrating the figures without examining their composition and Nigeria’s continued dependence on crude oil.

He said crude oil accounted for N12.91 trillion, representing 47.79 per cent of total exports, while total mineral products constituted 87.04 per cent.

He said the figures reflected Nigeria’s continued vulnerability to commodities and international prices beyond its control.

Mr Adesugba added that a surplus built largely on oil earnings could weaken if global crude oil prices declined significantly.

He said the apparent strength of the external sector was partly driven by favourable oil earnings rather than fundamental changes in Nigeria’s production structure.

According to him, the more sustainable opportunity lies in expanding non-oil and non-crude exports, although the figures show mixed performance.

“Non-crude oil exports reached N14.11 trillion, representing 52.21 per cent of total exports, while non-oil products contributed N3.73 trillion,” he said.

The ACCI first deputy president expressed concern over the sharp year-on-year decline in agricultural exports, saying diversification remained a major economic priority.

He identified manufactured goods, processed agricultural products, and refined solid minerals as areas that could reduce Nigeria’s dependence on crude oil.

He said these sectors could strengthen Nigeria’s resilience to oil price fluctuations while creating employment opportunities for the country’s growing youth population.

Mr Adesugba said the import profile was also significant, with machinery and transport equipment accounting for N5.46 trillion, or 37.83 per cent of imports.

He said importing capital goods and machinery could support productive capacity by enabling businesses to expand manufacturing and other economic activities.

According to him, greater concern would arise if imports were dominated by consumables and finished products that could be produced domestically.

“The trade surplus could support a stronger naira, healthier reserves and greater macroeconomic stability in the short term.

“The favourable trade balance should be viewed as an opportunity to accelerate reforms that will make economic growth less dependent on oil,” he said.

Mr Adesugba urged the government and private sector to convert the favourable trade position into productive, diversified and value-adding capacity.

He said future trade surpluses should increasingly reflect what Nigerians produce, grow, manufacture and refine, rather than what the country extracts. 

(NAN)