TMV: Q2 Trade Figures Signal Shift From Oil-Dependent Economy

TMV: Q2 Trade Figures Signal Shift From Oil-Dependent Economy

The Tinubu Media Volunteers (TMV) has described Nigeria’s trade performance in the second quarter of 2026 as a positive indication that the country is gradually moving away from an economy heavily dependent on crude oil exports towards greater diversification.

In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said the latest trade figures showed growing contributions from non-oil exports and merchandise goods.

The group noted that exports accounted for about 65 per cent of Nigeria’s total trade during the period under review, while imports accounted for approximately 35 per cent.

According to TMV, the increase in exports of non-oil products is a positive development for the economy, particularly in terms of foreign exchange earnings and efforts to reduce dependence on crude oil.

The statement said the Dangote Refinery had also contributed to the improved outlook of Nigeria’s trade sector through the export of petroleum products, fertiliser and aviation fuel.

“It is on record that currently the refinery is exporting Jet A1 fuel to Europe, America and other jurisdictions, and the result is that Nigeria is now earning more foreign exchange as well as improving the foreign reserve,” the group said.

TMV further said the improved trade performance reflected positively on Nigeria’s external economic position, adding that sustained growth in non-oil exports would be critical to building a more resilient and sustainable economy.

The group commended President Bola Tinubu’s administration for its economic reform agenda, saying the increased emphasis on non-oil exports would help diversify the economy and reduce its vulnerability to fluctuations in crude oil prices.

TMV also applauded what it described as the country’s improved trade position and President Tinubu’s efforts to redirect the Nigerian economy from dependence on crude oil towards a more diversified economic structure.