Nigeria’s appetite for imported manufactured goods is insatiable, and it's choking local industries. In the first six months of 2026, the nation coughed up a staggering N18 trillion for manufactured imports. This represents a 16.9% surge compared to the same period last year. That’s according to the latest Foreign Trade Statistics from the National Bureau of Statistics (NBS), and it's not a pretty picture for Nigerian manufacturers trying to compete.
The pressure cooker really got hot in the second quarter of 2026. Imports of manufactured goods jumped 12.1% from the first quarter, hitting N9.51 trillion. Looking back a whole year, that second quarter of 2026 alone saw a massive 20.7% leap in manufactured imports compared to the second quarter of 2025. Even the first quarter wasn’t spared, clocking in a 13% year-on-year increase from N7.51 trillion in Q1’25 to N8.48 trillion in Q1’26.
This situation isn't happening in a vacuum. It’s occurring despite the government’s best intentions to push for more local production, boost local content, and champion import substitution. It seems like every time the government tries to help local businesses grow, the tide of imports just gets stronger.
The local manufacturers are bearing the brunt. They’ve been shouting from the rooftops about how high operating costs and the sky-high price of credit are making it nearly impossible to compete. It’s like trying to run a marathon with weights tied to your legs. The Manufacturers Association of Nigeria (MAN) has been vocal. They’re pointing out that bank credit to the manufacturing sector took a serious nosedive.
It shrank by N1.92 trillion to just N6.61 trillion by December 2025, down from N8.53 trillion a year earlier. Imagine your startup’s lifeline being slashed like that.
The cost of borrowing money is also a major killer. Even though the Central Bank of Nigeria (CBN) managed to lower its Monetary Policy Rate (MPR) to 26.5%, regular businesses are still facing prime lending rates hovering around 27%. And if you thought that was bad, some commercial banks are lending at rates as high as 35.6%! It’s enough to make anyone’s hair turn grey.
With these manufactured imports continuing their relentless march, manufacturers are practically begging for stronger policies. They want stricter measures against smuggling and unfair import practices. More importantly, they need relief on the costs of finance, energy, and other essential inputs. Until local producers can operate on a level playing field, this import surge is likely to continue, leaving Nigerian businesses gasping for air.