The value of manufactured goods exported from Nigeria in the first half of 2025 surged by 46.76 per cent to N1.1 trillion from N749.5 billion in the corresponding period of the previous year.

According to the National Bureau of Statistics, the significant jump in manufactured goods exports coincides with the Naira depreciation occasioned by the unification of the foreign exchange market by the Central Bank of Nigeria in June 2023.

A breakdown of available data from NBS revealed that manufactured goods exports stood at N304.09 billion in H1’21, N338.61 billion in H1’22, N343.29 billion in H1’23, jumped to N749.52 billion in H1’24, and N1.10 trillion in H1’25.

The N1.1 trillion worth of manufactured goods exports in H1’25 represents 6.67% of the total manufactured goods traded in the period, which stood at N16.49 trillion.

Analysts have attributed the apparent increase in export of manufactured goods to depreciation of the Naira. President of the Nigerian Economic Society, Adeola Adenikinju, noted that devaluation of currency helps to make export of goods cheaper.

“One of the reasons why countries devalue their currencies is to make exports cheaper relative to other goods so they can sell more,” he said.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, also attributed the increase in exports partially to the Naira depreciation.

“I think it is because of the Naira depreciation. Devaluation normally creates opportunities for exports. And the surge in exports would have been more if it included the ones that are not officially captured,” Yusuf stated. He added that the depreciation of the Naira has made Nigerian goods cheaper, creating more incentives for exporters.