Nigeria records first raw material trade surplus in decade as exports jump 105%
Nigeria recorded a N466.79 billion raw material trade surplus in H1 2026, reversing from a N1.67 trillion deficit in H1 2025. Raw material exports surged 105.9% year-on-year to N3.84 trillion while imports fell 4.5% to N3.37 trillion, with Q2 driving the shift (exports N2.31T vs imports N1.79T).
This ends Nigeria's streak of annual raw material deficits since at least 2016, when deficits widened to N4.79 trillion in 2024 before narrowing to N3.80 trillion in 2025. The H1 2026 surplus equals 93.7% of 2025's full-year export value.
The shift supports efforts by agencies like RMRDC to cut imported raw material reliance by 60% over five years to boost local manufacturing. However, sustained surpluses in coming quarters are needed to confirm whether this reflects a structural change in Nigeria's trade pattern.
Will this surplus signal lasting progress in reducing Nigeria's dependence on imported inputs for industry, or remain a temporary fluctuation amid global commodity shifts?