President Bola Tinubu has revealed that Nigeria recorded an increase of 173% in manufacturing export, since he assumed office on May 29, 2023.

Tinubu said this on Wednesday, October 1st, 2025 during his Independence Day national broadcast to celebrate Nigeria’s 65th anniversary.

He stated that Nigeria is now a net exporter, after the country recorded a trade surplus for five consecutive quarters.

“We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years.

“Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent.”

This, according to the president, signals that Nigeria is now diversifying its economy and foreign exchange sources outside oil and gas.

According to data from the foreign trade report, Nigeria, as of September 15, 2025 experienced a 173% quarter-on-quarter increase in manufacturing exports in Q2 2025, from N294 billion to N803.8 billion, representing a positive trend for its industrial sector and a shift away from its historical reliance on oil.

This growth in manufactured goods, which rose by 67.2% year-on-year, signifies progress in diversifying the economy and strengthening the currency.

“On a quarter-on-quarter basis, the manufactured exports increased by 173 percent from N294 billion in first quarter of 2025,” the report read, adding that the value of manufactured goods traded in the second quarter of 2025 stood at N8.7 trillion, accounting for 22.8 percent of total trade for the period.

It added that the main manufactured export commodity was Lightvessels, fire-floats, floating cranes and other vessels exported to the Netherlands and France worth N212.04 billion and N24.1 billion respectively.

The report said this was followed by ‘Floating or submersible drilling or production platforms’ valued at N90.43 exported to Equatorial Guinea and ‘Unwrought aluminum alloys’ exported to Japan and India worth N55.71 billion and N7.62 billion respectively.

“Manufactured goods were mainly exported to Europe valued at N357.70 billion, followed by exports to Africa, goods worth N254.07 billion and to Asia N168.53 billion,” the report stated.