Nigeria’s trade surplus climbed to $9.5 billion in the second quarter of 2026, roughly double the figure recorded during the same period last year. The surge stemmed largely from a decline in the importation of fuel alongside stronger exports of crude oil and other raw materials. A simultaneous rise in global oil prices, driven by the US-Iran war, combined with expanded export volumes, helped support broader economic momentum. Nigeria’s economy has grown 4.43% year-on-year in 2026, its fastest growth rate in five years. Analysts point to the Dangote Refinery, which reached full operational capacity this year after launching in September 2024, as a key driver behind reduced reliance on imported fuel. Its expansion plans will increase output to 1.4 million barrels per day, further reducing Nigeria’s longstanding reliance on imported fuel.