Nigeria’s Manufactured Imports Surge 16.9% to N18tn in H1 2026

Nigeria’s manufactured imports surged year-on-year by 16.9 per cent to N18 trillion in the first half of 2026, deepening concerns over rising import dependence and mounting pressure on local manufacturers. Latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS) showed manufactured imports climbed from N15.4 trillion in H1’25 to N17.99 trillion in H1’26.

This increase was driven primarily by a sharp rise in the second quarter, when Nigeria’s manufactured imports climbed 12.1 per cent quarter-on-quarter to N9.51 trillion, up from N8.48 trillion in Q1’26. On a year-on-year basis, Q2’26 manufactured imports rose 20.7 per cent from N7.88 trillion recorded in Q2’25. Similarly, imports in Q1’26 increased by 13 per cent year-on-year from N7.51 trillion in Q1’25.

This surge comes despite ongoing government efforts to promote domestic production, local content and import substitution. The trend has raised growing concerns about the ability of local manufacturers to compete with imported goods amid persistent financing, energy and production-cost pressures. Manufacturers have repeatedly warned that high operating costs and expensive credit continue eroding their competitiveness, limiting their capacity to expand output.

In June 2026, the Manufacturers Association of Nigeria (MAN) revealed that bank credit to the manufacturing sector declined by N1.92 trillion to N6.61 trillion in December 2025, down from N8.53 trillion a year earlier. The association also raised concerns over the high cost of borrowing, noting that despite the Central Bank of Nigeria’s reduction of the Monetary Policy Rate (MPR) to 26.5 per cent, average prime lending rates remained around 27 per cent, while maximum lending rates at some commercial banks reached as high as 35.6 per cent.

With Nigeria’s manufactured imports continuing to climb, manufacturers are calling for stronger policies to curb smuggling and unfair import competition, alongside measures to reduce the cost of finance, energy and other production inputs, enabling local producers to compete more effectively against foreign goods.

This article is for informational purposes only and does not constitute financial or investment advice. Please consult a licensed financial advisor before making investment decisions.

Do you think Nigeria’s manufacturers can realistically compete with imports without significant reductions in financing and energy costs?