Nigeria's Raw Materials Exports Rise 106% to N3.84tn

In the first half of 2026, Nigeria's raw materials exports surged by 106% year-on-year, reaching N3.84 trillion, as reported by the National Bureau of Statistics (NBS). This figure rose from N1.86 trillion in H1 2025, with the most substantial growth occurring in the second quarter, where exports climbed to N2.31 trillion from N819.72 billion in Q2 2025.

First-quarter exports also increased to N1.53 trillion compared to N1.04 trillion in the same period of 2025. The second quarter accounted for approximately 60% of total raw materials exports in the first half.

Despite the increase, concerns remain regarding Nigeria's limited capacity to process its agricultural and mineral resources domestically. Professor Nnanyelugo Ike-Muonso, director general of the Raw Materials Research and Development Council, stated in August 2025 that Nigeria should aim to reduce its reliance on imported raw materials by at least 60% over five years to strengthen its economy.