Nigeria’s exports to Africa hit N10.72tn amid naira illusion

Nigeria's exports to African countries surged to a remarkable N10.72tn in the first half of 2026, up from N4.82tn in the same period in 2025. The increase, which amounted to a 675.9 percent rise in naira value, is largely attributed to the depreciation of the naira and its impact on the overall trade figures, rather than a genuine expansion in export earnings.

Crude oil and petroleum products have played a dominant role in this surge, with these sectors accounting for 94.75 percent of Nigeria's exports to Africa in H1 2026, valued at N10.15tn. This marks a 133.36 percent increase from the 90.24 percent share, valued at N4.35tn, in H1 2025. Despite this dominance of the oil and gas sector, non-oil exports, such as cement, cigarettes, tyres, vessels, and food preparations, declined in value, from N309.46bn in H1 2025 to N296.61bn in H1 2026, a 4.15 percent decrease.

The surge in exports to Africa is primarily driven by the operations of the Dangote Petroleum Refinery, which came online around 2024 and contributed to the growth in trade. However, detailed data on per-product-category exports is lacking, hindering a more precise understanding of the underlying trends in Nigeria's export performance.