Nigeria’s Solid Mineral Exports Rise 83.4% to N249.7 Billion in H1 2026

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Nigeria’s solid mineral exports rose sharply to N249.70 billion in the first half of 2026, increasing by N113.53 billion compared with the N136.17 billion recorded in the corresponding period of 2025.

An analysis of the Q1 and Q2 2026 Foreign Trade Statistics released by the National Bureau of Statistics (NBS) shows that solid mineral exports increased significantly across both quarters.

In Q1 2026, exports rose to N102.80 billion, from N58.87 billion in Q1 2025.

The growth accelerated in the second quarter, with solid mineral exports reaching N146.91 billion, compared with N77.31 billion in Q2 2025.

Combined, this represents an 83.4% year-on-year increase in Nigeria’s solid mineral export value during H1 2026.

What you should know

The latest figures highlight the growing contribution of Nigeria’s mining sector to the country’s export earnings.

Solid minerals include commercially valuable resources such as gold, tin, lithium, lead, zinc, tantalite, iron ore and other mineral products.

For an economy that has historically depended heavily on crude oil for foreign-exchange earnings, stronger mineral exports provide another potential source of external revenue.

However, the increase should be interpreted carefully.

The NBS figures measure the value of exports, meaning the 83.4% increase does not necessarily mean that Nigeria exported 83.4% more physical mineral volumes. Changes in international commodity prices, exchange rates, the composition of mineral exports and export volumes can all influence the naira value recorded.

Q2 was the strongest quarter

The second quarter accounted for the larger portion of the H1 increase.

Solid mineral exports rose from N77.31 billion in Q2 2025 to N146.91 billion in Q2 2026, an increase of approximately N69.60 billion.

That means Q2 alone contributed more than 60% of the total N113.53 billion year-on-year increase recorded during the first half.

The acceleration suggests that mineral exports gained momentum as the year progressed.

Solid minerals can strengthen Nigeria’s export base

The growth is important because Nigeria is attempting to broaden its export earnings beyond crude oil.

A more diversified export structure can make the economy less vulnerable to fluctuations in crude oil prices and production.

Mining also has a different value chain from crude oil. Properly developed, it can create opportunities in exploration, extraction, processing, transportation, refining and mineral-based manufacturing.

The biggest economic opportunity therefore may not simply be exporting more raw minerals, but processing more minerals domestically before export.

Export value is not the same as government revenue

The N249.70 billion recorded in solid mineral exports should not be interpreted as N249.70 billion in government revenue.

The figure represents the value of mineral products exported from Nigeria.

Government revenue from the sector would depend on taxes, royalties, fees and other charges, while the proceeds from exports largely accrue to the businesses involved in the mining and trading value chain.

This distinction is important when assessing the fiscal impact of the sector.

Illegal mining remains a major challenge

One of the biggest questions surrounding Nigeria’s mining sector is whether the country can capture the full economic value of its mineral resources.

Illegal and informal mining can reduce government revenue, weaken environmental oversight and make it difficult to accurately track mineral production and exports.

A larger formal mining sector would allow the government to better monitor production, collect royalties and taxes, improve safety standards and attract institutional investment.

The real opportunity is mineral processing

Nigeria could potentially capture significantly more value if locally mined minerals are processed before being exported.

Exporting raw or minimally processed minerals means much of the downstream economic activity takes place outside the country.

Processing creates additional opportunities for:

Manufacturing
Skilled employment
Technology transfer
Local supply chains
Export diversification
Higher-value foreign-exchange earnings

This is particularly relevant as global demand for minerals used in construction, electronics, energy infrastructure and battery-related industries continues to reshape the mining industry.

What the increase means for foreign exchange

Higher mineral exports can contribute to Nigeria’s foreign-exchange earnings when exporters receive international payments for their products.

This could complement earnings from crude oil, gas, agricultural exports, manufactured products and other non-oil sources.

The benefit, however, depends partly on how much of the export proceeds enters the formal financial system and how much value is retained within Nigeria.

A sustained increase in formal mineral exports would therefore be more meaningful than a temporary rise driven primarily by commodity prices.

What investors and businesses should watch

The next stage of Nigeria’s mining growth will depend on whether the country can turn rising export values into a broader industrial ecosystem.

Key indicators to watch include:

Mineral production volumes
Gold, lithium, tin, zinc and other mineral prices
Formalisation of artisanal mining
Mining-sector investment
Mineral-processing capacity
Export documentation and traceability
Government royalties and tax collections
Infrastructure around mining regions
Security and environmental regulation

If these areas improve simultaneously, higher mineral exports could translate into much larger economic benefits.

The bigger picture

Nigeria’s N249.70 billion solid mineral exports in H1 2026, up 83.4% from N136.17 billion a year earlier, represents a significant expansion in the value of the country’s mineral exports.

The figures reinforce the potential of the mining sector to become a more important part of Nigeria’s external trade and foreign-exchange earnings.

But the larger opportunity lies beyond simply extracting and exporting minerals.

Nigeria has the potential to build mining-to-processing-to-manufacturing value chains around its mineral resources. Doing so would allow the country to capture more economic value domestically, create jobs and develop new industrial capacity.

The H1 figures are therefore encouraging, but the real test will be whether this growth can be sustained and transformed from higher mineral export values into higher domestic production, government revenue, investment and industrialisation.