Nigeria's raw material trade balance showed a remarkable improvement in the first half of 2026, achieving a surplus of N466.79 billion. This marks a significant turnaround from the N1.67 trillion deficit recorded in the same period of 2025, primarily due to a surge in exports and a decrease in imports.
According to the National Bureau of Statistics (NBS), raw material exports soared by 105.9% year-on-year to N3.84 trillion in H1 2026, while imports fell by 4.5% to N3.37 trillion. The most notable change occurred in Q2 2026, when exports reached N2.31 trillion, accounting for about 60% of total exports for the first half of the year.
This shift is significant as Nigeria had consistently recorded raw material trade deficits since at least 2016. The recent surplus represents a N2.13 trillion improvement compared to H1 2025, showcasing a potential turning point in the country's trade dynamics.
Despite this positive trend, experts emphasize the need for sustained surpluses in future quarters to determine if this improvement reflects a lasting change in Nigeria's raw material trade structure. The Raw Materials Research and Development Council (RMRDC) has advocated for reducing reliance on imported raw materials to bolster local production.
The H1 2026 surplus is a promising development, but ongoing efforts to enhance domestic manufacturing and reduce imports will be crucial for maintaining this positive trajectory in Nigeria's raw material trade.