Nigeria’s push to diversify its economy gained traction in the first half of 2025 as manufactured goods export rose by 46.8% to N1.1 trillion, compared to N749.5 billion in H1 2024, according to data from the National Bureau of Statistics (NBS).
The figures, captured in the NBS Foreign Trade in Goods report, show a steady rise in manufactured exports over the last five years, with the sharpest growth occurring since 2023. Analysts link the surge to the naira’s depreciation following the Central Bank of Nigeria’s (CBN) decision to unify the foreign exchange market in June 2023.
NBS records reveal that exports of manufactured goods stood at N304.1 billion in H1 2021, N338.6 billion in H1 2022, and N343.3 billion in H1 2023. The figure nearly doubled to N749.5 billion in H1 2024 before hitting N1.1 trillion in H1 2025.
Despite the jump, manufactured exports still accounted for only 6.67% of total manufactured trade, valued at N16.49 trillion in the first half of 2025. This marks a slight increase from 6.21% in H1 2024, highlighting that most manufactured goods remain consumed domestically.
Economists say the weaker naira has made Nigerian products more attractive to buyers abroad, particularly in West Africa, where the CFA franc has continued to appreciate.
President of the Nigerian Economic Society, Adeola Adenikinju, explained: “One of the reasons why countries devalue their currencies is to make exports cheaper relative to other goods so they can sell more.”
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), shared similar views. He said devaluation creates inherent incentives for exporters and noted that actual export volumes may be higher than reported because some transactions remain uncaptured officially.
The rise in manufactured exports signals progress in Nigeria’s diversification drive, though analysts warn that sustaining growth will require addressing structural bottlenecks in production and trade logistics.
