Nigeria’s manufactured goods exports leap 67.2% year-on-year to N803.8 billion in the second quarter of 2025, signaling robust growth in the industrial sector.

The surge, from N480.8 billion in Q2 2024, reflects a 173% quarter-on-quarter increase from N294 billion in Q1 2025, with manufactured goods accounting for 22.8% of total trade at N8.7 trillion.

Key exports include light vessels to the Netherlands and France (N212.04 billion and N24.1 billion), floating platforms to Equatorial Guinea (N90.43 billion), and unwrought aluminum alloys to Japan and India (N55.71 billion and N7.62 billion). Europe leads destinations at N357.70 billion, followed by Africa (N254.07 billion) and Asia (N168.53 billion).

Imports of manufactured goods, dominated by machines for voice, image, and data transmission from China (N261.1 billion), herbicides from China and India (N144.1 billion and N5.9 billion), new pneumatic tyres from China (N135.9 billion), and medicaments from India and China (N73.4 billion and N26.4 billion), highlight the sector’s reliance on foreign inputs.

The naira’s depreciation to N1,600/$ from N1,550 in Q2 2024 drives up costs, with manufacturers’ FX exposure averaging 40%, higher in pharmaceuticals and chemicals due to limited local petrochemicals.

The August Purchasing Managers’ Index (PMI) at 54.2 points to sustained expansion, with output and new orders hitting four- and 19-month highs, respectively.

Manufacturers Association of Nigeria Director-General Segun Ajayi-Kadir notes that volatile exchange rates and high duties inflate raw material costs, while scarce local supplies exacerbate challenges. This growth, amid Nigeria’s push for non-oil revenue, underscores the sector’s potential, though import dependency and currency woes persist, shaped by years of economic volatility.