Nigeria’s manufactured goods exports jump 67.2% in second quarter
Nigeria’s manufactured goods exports jump 67.2% in second quarter
Nigeria’s manufactured goods exports recorded a strong surge in the second quarter (Q2) of 2025, rising by 67.2% year-on-year to ₦803.8 billion compared to ₦480.8 billion in the same quarter of 2024. On a quarter-on-quarter basis, exports grew even more sharply—173% from ₦294 billion in Q1 2025.
The total value of manufactured goods traded in Q2 stood at ₦8.7 trillion,representing 22.8% of total trade. The key export items were light vessels and floating cranes mainly shipped to the Netherlands (₦212.04 billion) and France (₦24.1 billion). Other significant exports included drilling platforms to Equatorial Guinea (₦90.43 billion) and unwrought aluminum alloys to Japan (₦55.71 billion) and India (₦7.62 billion). Europe was the leading export destination (₦357.7 billion), followed by Africa (₦254.07 billion) and Asia (₦168.53 billion).
At the same time, the Purchasers Manufacturing Index (PMI) indicated sustained growth in Nigeria’s industrial activity, with the headline index rising to 54.2 in August 2025, marking the ninth consecutive month above the 50.0 threshold that signals improvement. This expansion was supported by stronger output and rising new orders, reaching their highest levels in several months.
On the import side, Nigeria continued to rely heavily on foreign raw materials and machinery. Major imports included telecommunications equipment from China (₦261.1 billion), herbicides and planting products from China and India (₦150 billion combined), tyres for buses and lorries (₦135.9 billion), and medicaments from India and China (₦99.8 billion combined).
However, the sector faces serious challenges due to foreign exchange volatility. The naira depreciated to ₦1,600/$ in Q2 2025, compared with ₦1,550/$ in the same period of 2024. Since most raw materials and machinery are invoiced in dollars, manufacturers face rising costs. According to the Manufacturers Association of Nigeria (MAN), manufacturers’ exposure to foreign exchange risk averages 40%, with sectors such as pharmaceuticals and chemicals particularly vulnerable due to dependence on imported petrochemical inputs.
Manufacturers remain the country’s largest importers, highlighting a paradox: while they should be leading in exports and bringing foreign exchange into the economy, they are instead heavily dependent on imports. MAN’s director-general, Segun Ajayi-Kadir, noted that high and unstable FX rates, coupled with steep import duties, have significantly increased production costs. Local raw materials, though available in some cases, remain scarce and insufficient to meet demand.
