Nigeria’s exports of unprocessed commodities climbed sharply in the first half of 2026, rising 106% year-on-year to ₦3.84 trillion, with a pronounced increase recorded in the second quarter. The half-year figure more than doubled from ₦1.86 trillion in H1 2025, reflecting stronger shipments across both quarters but a particularly large contribution from Q2.
Quarterly data show raw materials exports reached ₦2.31 trillion in Q2 2026, up from ₦819.72 billion in Q2 2025. Q1 exports also improved, rising to ₦1.53 trillion from ₦1.04 trillion a year earlier. The second quarter made up roughly 60% of total raw materials exports in H1 2026, making it the dominant driver of the half-year performance.
Higher volumes of raw materials leaving the country can increase foreign exchange earnings, however the current pattern of exports highlights a longstanding issue: limited domestic processing means Nigeria may be exporting value rather than capturing it locally. That trade-off underpins debate over whether higher export receipts translate into broader economic gains.
Economists echoed that concern and proposed policy responses. Dr. Paul Alaje, chief economist at SPM Professionals, urged the government to identify states with strong agricultural and mineral output, map those resources and channel investment to raise productivity, while warning that high financing costs remain a major obstacle to building processing industries. Dr. Muda Yusuf, chief executive of the Centre for the Promotion of Private Enterprise, said expanding value addition would create jobs, ease foreign exchange pressures and improve the country’s balance of payments position.
The export surge arrives as trade remains a significant part of the economy, with the sector contributing 17.89% to GDP in the first quarter of 2026. Experts’ recommendations point to a next phase focused on targeted investment and lower-cost financing to develop local processing capacity, should policymakers aim to turn raw export growth into broader industrial gains.
