Nigeria's Exports to Africa Surge to N10.72tn in H1 2026
Nigerian exports to African countries experienced a significant surge, reaching N10.72 trillion ($25.5 billion) in the first half of 2026, according to figures released by the National Bureau of Statistics (NBS). This growth can be attributed to the naira devaluation and oil exports, rather than the expansion of non-oil trade.
Naira Devaluation and Oil Exports Drive Export Growth
- Nigerian exports to African countries increased by N1.23tn ($3.0 billion) compared to the same period last year.
- The surge is seen as a result of the devaluation of the naira and oil exports, rather than the expansion of non-oil trade.
Experts attribute the growth in Nigeria's exports to Africa to the devaluation of the naira, which has made Nigerian products more competitive in the region. Additionally, the increase in oil exports has boosted the country's export earnings.
Oil and Devaluation Drive Export Earnings
Oil remains Nigeria's largest export earner, accounting for over 90% of the country's total export earnings. The surge in oil exports has contributed significantly to the increase in export earnings.
The devaluation of the naira has made Nigerian products more competitive in the region, resulting in higher demand for Nigerian goods and services from African countries.
Africa's Largest Economy
Nigeria is Africa's largest economy, with a GDP of over $450 billion in 2020. The country's strong economic position allows it to leverage its resources to boost exports to other African countries.
The growth in Nigerian exports to Africa highlights the country's ability to leverage its resources to expand its economic influence in the region.
</body> </html><small>Source: Punch Nigeria — read the original story there.</small>
