Nigeria’s exports of raw materials more than doubled to N3.84 trillion in the first half of 2026, highlighting both the country’s growing presence in global commodity markets and the huge value-addition opportunity still being left at home.
The figure represents a 106 per cent increase from the N1.86 trillion recorded in the corresponding period of 2025, according to an analysis of the Q1 and Q2 2026 Foreign Trade Statistics released by the National Bureau of Statistics (NBS).
The stronger performance was largely driven by a surge in the second quarter, when raw materials exports rose to N2.31 trillion, compared with N819.72 billion in Q2 2025.
Exports also increased in the first quarter, rising to N1.53 trillion from N1.04 trillion recorded in Q1 2025.
The second quarter accounted for about 60 per cent of Nigeria’s raw materials exports in the first half of the year, pointing to a significant acceleration in shipments.
On a quarter-on-quarter basis, exports rose by about 50.3 per cent, from N1.53 trillion in Q1 to N2.31 trillion in Q2.
The sharp increase comes as Nigeria seeks to expand non-oil exports and strengthen its participation in global commodity markets.
However, the rising value of raw materials leaving the country also draws attention to a longstanding weakness in the economy: limited domestic processing capacity.
For an economy rich in agricultural and mineral resources, exporting raw materials without significant local processing means Nigeria may be capturing only a fraction of the economic value embedded in its commodities.
Processing agricultural produce and minerals locally could generate additional revenue, create jobs, develop manufacturing capacity and reduce the country’s dependence on imported finished products.
The issue has become increasingly important as Nigeria continues to grapple with high production costs, foreign exchange pressures and expensive imported inputs.
In August 2025, the Director-General of the Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo Ike-Muonso, said Nigeria needed to reduce its dependence on imported raw materials by at least 60 per cent over five years to reposition the economy as an industrial powerhouse.
Economists have continued to argue that Nigeria needs to move beyond exporting commodities and build industries around them.
Dr 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 capacity.
According to Alaje, high financing costs remain one of the biggest obstacles to developing industries capable of processing Nigeria’s raw materials locally.
“Adding value to raw materials must be a government-supported initiative, but driven by the private sector,” he said.
Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), similarly argued that greater domestic value addition could create jobs, reduce pressure on foreign exchange and strengthen Nigeria’s balance of payments position.
