Nigeria’s trade sector made measurable strides in 2025, recording export revenues of over $500 million, according to the Federal Ministry of Industry, Trade and Investment. Minister Dr Jumoke Oduwole presented the figures in Abuja during a Senate Committee review of the ministry’s 2026 budget, noting that the results reflect policy efforts under the Renewed Hope Agenda. “The reported performance reflects sharper focus on industrial development and export diversification,” she said, while emphasizing that structural and fiscal constraints continue to shape the country’s economic trajectory.
The export performance came despite significant funding limitations. The ministry’s 2025 appropriation of N11.8 billion was fully utilised for personnel and overhead costs, while the N3.8 billion capital vote meant for programme expansion remained unspent. Yet, the ministry exceeded its revenue target by approximately N100 million, with full remittance to the Consolidated Revenue Fund. This demonstrates disciplined financial management and highlights that even under austerity, targeted policy interventions can drive tangible economic results.
From a macroeconomic perspective, Nigeria’s exports rose by about 11 percent year on year, reaching roughly $6.1 billion, while total trade for the first three quarters of the year was valued at ₦113 trillion. This expansion indicates growing trade activity beyond oil revenues and points to the broader contribution of industrial and non-oil sectors to Nigeria’s balance of payments. The $500 million in ministry-linked export revenue largely originated from interventions in special economic zones and other policy frameworks aimed at stimulating industrial output and integrating domestic production into global markets. Special economic zones alone generated over 20,000 jobs, highlighting their role in both employment and export-led growth.
Structured markets also contributed to economic resilience. Trading volumes at the Nigeria Commodity Exchange increased by more than 500 percent, signalling stronger participation and confidence in organised commodity markets. These platforms are essential for efficient price discovery, risk mitigation, and quality compliance, which are crucial for attracting foreign buyers and sustaining export momentum. The ministry has further sought to institutionalize these gains through a proposed national trade and distribution company aimed at strengthening market access, improving efficiency across value chains, and enhancing competitiveness in international markets.
Policy reforms extended to intellectual property protection, with the launch of Nigeria’s first National Intellectual Property Policy. This move is designed to safeguard innovations, improve investor confidence, and strengthen export potential by embedding value capture and quality assurance into industrial production. The Federal Executive Council also approved the National Industrial Policy in November 2025, providing a strategic framework for manufacturing competitiveness, export diversification, and long-term economic growth.
Despite these positive trends, Nigeria’s export basket remains heavily concentrated in oil and petroleum products, with non-oil exports accounting for $6.1 billion. While policy measures have fostered growth in non-oil sectors, actual performance still falls short of potential, given Nigeria’s abundant resources, demographic advantage, and access to regional markets through the African Continental Free Trade Area. The contrast between policy intent and ground realities underlines the need for structural reforms, particularly in infrastructure, logistics, and financing mechanisms, to scale export capacity effectively.
Voices from the business community underscore persistent barriers. Mr Olakunle Olabode, an import/export manager, reported challenges including high transportation costs, customs delays, and limited access to export finance. “Only the big players in the industry benefit from support programmes. We hear about them, but few truly benefit,” he said. Poor roads, inconsistent power supply, and inadequate storage facilities further constrain production and reduce profitability, highlighting the economic cost of infrastructure deficits on trade performance.
Budget negotiations for 2026 illustrate the tension between ambition and funding realities. The ministry’s proposed capital budget of N2.72 billion was deemed insufficient to expand industrial clusters, deepen special economic zones, and enhance market access for non-oil exporters. Without adequate investment, Nigeria risks stalling momentum that could otherwise translate into broader structural economic transformation, employment generation, and export diversification.
The ministry’s disciplined management of recurrent allocations demonstrates that strategic planning can yield results even under funding constraints. Yet the 2025 export figures reveal both progress and limitations. The integration of industrial policy, market structures, and export reforms has contributed to a trade surplus and stronger foreign exchange inflows. Still, scaling export-led growth will require targeted investment in logistics, export finance risk mitigation, quality compliance, and connectivity to global value chains.
Ultimately, the $500 million export figure should be interpreted as a benchmark of Nigeria’s emerging economic potential rather than a definitive milestone. Export diversification, industrial expansion, and employment creation remain dependent on consistent policy implementation and adequate capital allocation. Aligning strategy with resources is critical to reduce oil dependency, expand non-oil sectors, and enhance competitiveness on the global stage.
Looking forward, sustaining export momentum requires policy continuity, strategic investment, and coordinated action across trade, industrial, and investment sectors. Nigeria’s non-oil export potential remains underleveraged, and the 2025 performance provides a baseline for growth. If structural reforms and funding align with strategic priorities, export diversification can emerge as a central pillar of Nigeria’s economic transformation, driving both industrialisation and inclusive growth.
