Nigeria’s manufactured goods export grew by 46.8% in the first half of 2025, reaching N1.1 trillion compared with N749.5 billion in H1 2024, according to new data from the National Bureau of Statistics (NBS).
The figures, published in the NBS Foreign Trade in Goods report, reflect a steady expansion over the last five years, with the sharpest increases recorded since the Central Bank of Nigeria (CBN) unified the foreign exchange market in June 2023.
Manufactured exports stood at N304.1 billion in H1 2021, N338.6 billion in H1 2022 and N343.3 billion in H1 2023. The value nearly doubled to N749.5 billion in H1 2024 before crossing N1 trillion this year.
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Despite the growth, manufactured exports accounted for only 6.67% of total manufactured trade worth N16.49 trillion in H1 2025, up from 6.21% in H1 2024. Most Nigerian manufactured goods continue to be consumed locally.
Economists attribute the surge to the weaker naira, which has made Nigerian products more competitive abroad, particularly within West Africa.
“One of the reasons why countries devalue their currencies is to make exports cheaper relative to other goods so they can sell more,” said Adeola Adenikinju, President of the Nigerian Economic Society.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, added that the devaluation creates “inherent incentives for exporters,” noting that actual figures may be higher as some exports remain undocumented.
Analysts say the trend underscores progress in Nigeria’s economic diversification, but stress that sustaining the momentum will depend on tackling structural challenges in production capacity and trade logistics.
