Nigeria’s exports to Africa jumped to N10.72 trillion, but experts warn that cheap naira value makes trade numbers look deceptively big.
New trade figures published by the National Bureau of Statistics reveal that the total value of goods Nigeria sold to other African nations jumped massively to 10.72 trillion Naira during the first six months of the year 2026.
Official business reports updated on Friday, September 18, 2026, show that this export total more than doubled when compared to the 4.82 trillion Naira recorded in the same period of 2025.
Looking at the numbers closely, top African buyers like Togo, South Africa, Ivory Coast, Ghana, and Egypt bought the biggest share of Nigerian products.
However, money experts and trade analysts across the country have raised strong warnings, explaining that while the big trillion naira figure looks like a massive business victory on paper, it is mostly an optical trick caused by the falling value of the local currency.
The main reason why money experts call this sudden export jump a naira illusion is that the local money lost a lot of value against the US dollar over the past year.
When local money becomes weak, anything sold in foreign currency like crude oil or petrol automatically turns into a massive amount of naira when converted on paper, even if the actual physical quantity of goods sold did not double.
Furthermore, detailed breakdowns from the report show that heavy items like crude oil, petrol, aviation fuel, and gas products from big places like the Dangote Refinery made up over ninety percent of all sales to African neighbors.
At the same time, actual local factory products made by everyday Nigerian businesses, such as processed food, shoes, and clothes, actually dropped in total value.
Explaining how currency devaluation creates a false picture of sudden business growth, Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, shed clear light on the issue during a national interview.
See Also: Naira Drops Slightly Against US Dollar At Official And Parallel Foreign Exchange Markets
Warning citizens and leaders not to celebrate the big naira numbers blindly, Dr. Ayo Teriba stated that “If you got $10 last year and you devalue it, you still got $10”.
Pointing out that the big trade leap is mainly caused by local currency changes rather than real production growth, the top economist added that “It creates the illusion of increased price. Nobody is denying that. But we are saying it is an illusion”.
Calling for stronger local currency rather than relying on weak money to make trade papers look impressive, he emphasized that a stronger naira remains in the best interest of the nation to stop food prices and inflation from rising.
At the same time, trade expert Mba cautioning against misinterpreting the numbers added that “Saying that a reasonable part of the over 100 per cent increase can be attributed to non-oil export to other African countries is unrealistic, if not outrightly misleading”.
Showing how local factory owners are struggling under high cost of electricity and loan interest, Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, noted that “Suffocating under exorbitant energy tariffs and prohibitive borrowing costs, manufacturers, particularly small and medium industries, are operating far below installed capacity”.
Financial reports from major outlets confirm that crude oil and gas continue to dominate Nigeria’s foreign sales. Economic advisors say the government must support local factories making goods so the country can earn real foreign money without depending only on oil.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
