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Nigeria economic trade and export trends

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2026-08-26 13:27 UTC → 2026-08-27 02:21 UTC · added ~~removed~~

Nigeria is seeing growth in its export sectors and strengthening bilateral economic ties. Bilateral trade between India and Nigeria is projected to reach approximately US$9 billion in the 2025–26 financial year, a 26% increase from the previous year. Indian High Commissioner Abishek Singh noted that roughly 200 Indian companies in Nigeria have created about 100,000 jobs, making them the country’s second-largest employer after the federal government. This partnership is diversifying into technology, healthcare, security, agriculture, and energy. Notably, Indian pharmaceutical exports reached US$315 million in 2024–25, accounting for over 40% of Nigeria’s pharmaceutical imports, with India supplying more than 90% of certain medicine categories. Additionally, India has provided US$395 million in concessional credit lines to Nigeria. Nigeria’s non-oil export earnings reached a record $6.1 billion in 2025, an 11.5 percent increase from 2024. In April 2026, non-oil export earnings rose to $960 million, up from $770 million in the previous period, driven by cashew nuts, urea, and cocoa beans. Cashew nuts represented 21.25 percent of these April earnings, and India was the largest destination for these exports. Five companies, led by Dangote Fertiliser, accounted for nearly 30 per cent of the top 100 non-oil exporters. In the energy sector, the Dangote Petroleum Refinery has driven a seven-fold increase in Nigeria’s seaborne petroleum product exports since 2023. According to the United States Energy Information Administration (EIA), shipments averaged 561,000 barrels per day (bpd) in the second quarter of 2026, compared to an annual average of 79,000 bpd in 2023. ~~Of the 561,000 bpd shipped in Q2 2026, approximately 350,000 bpd were exported. Notably, shipments to Europe rose from 15,000 bpd to 130,000 bpd during the same period.~~ Following maintenance and expansion in February 2026, the refinery’s crude distillation capacity increased from 650,000 bpd to 700,000 bpd. Despite boosting domestic self-sufficiency, the refinery faces inventory management difficulties due to rising petrol imports, which accounted for approximately 43% of Nigeria’s supply in July 2026.

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