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Nigeria’s raw materials exports more than doubled to N3.84 trillion in the first half of 2026, up 106 per cent from N1.86 trillion a year earlier.
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The increase accelerated sharply in Q2, when exports reached N2.31 trillion, accounting for about 60 per cent of the half-year total.
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Economists say the surge could boost foreign exchange earnings but warn that limited domestic processing means Nigeria may be exporting jobs and higher-value opportunities.
September 14, (THEWILL) – Nigeria’s raw materials exports surged by 106 per cent year-on-year to N3.84 trillion in the first half of 2026, with the strongest growth recorded in the second quarter, according to an analysis of Foreign Trade Statistics released by the National Bureau of Statistics (NBS).
The figure rose from N1.86 trillion in H1 2025, reflecting a significant increase in the value of agricultural, mineral and other raw materials shipped out of the country.
The second quarter accounted for the bulk of the growth, with raw materials exports rising to N2.31 trillion from N819.72 billion in Q2 2025.
Q1 exports also increased, reaching N1.53 trillion compared with N1.04 trillion in the corresponding period of 2025.
The Q2 figure represented a 50.3 per cent increase from the N1.53 trillion recorded in Q1 and accounted for about 60 per cent of total raw materials exports in the first half.
The sharp quarterly acceleration suggests that Nigeria’s raw materials are gaining greater value in international markets, although the figures also raise questions about how much additional value the domestic economy could capture through local processing.
More exports, limited value addition
The increase in raw materials exports comes against longstanding concerns over Nigeria’s limited capacity to process its agricultural and mineral resources before export.
Higher commodity exports can provide foreign exchange and support Nigeria’s external position, but exporting resources in relatively unprocessed forms limits the amount of value generated domestically.
Processing raw materials locally can create additional manufacturing activity, jobs, tax revenues and opportunities for small and medium-sized businesses, while reducing dependence on imported intermediate products.
Professor Nnanyelugo Ike-Muonso, director general of the Raw Materials Research and Development Council, said in August 2025 that Nigeria needed to reduce its reliance on imported raw materials by at least 60 per cent over five years to reposition the economy as an industrial powerhouse.
The challenge is particularly significant given the high cost of financing businesses seeking to establish processing and manufacturing capacity.
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Financing remains a major constraint
Paul Alaje, chief economist at SPM Professionals, said the government should identify states with strong agricultural and mineral production potential, map their resources and direct investment towards improving productivity and processing.
He said high financing costs remained a major obstacle to developing industries capable of converting locally available resources into higher-value products.
“Adding value to raw materials must be a government-supported initiative, but driven by the private sector,” Alaje said.
Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise, also stressed the broader economic benefits of greater value addition.
According to him, processing more raw materials locally could support job creation, reduce pressure on foreign exchange and improve Nigeria’s balance of payments position.
The H1 export figures therefore present a mixed picture.
Nigeria is generating significantly more export value from its raw materials, but the surge also highlights the economic opportunity available if a greater share of those resources is processed domestically.
For an economy seeking to expand non-oil exports and diversify its sources of foreign exchange, the next challenge may be not simply exporting more raw materials, but capturing more of their value before they leave the country.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
