Business
Nigeria Bans Export of Eight Key Items in 2026
Nigeria’s FG announces 2026 export ban on maize, timber, raw hides, scrap metals, rubber, artifacts, and endangered wildlife to protect local industries and heritage
The Federal Government of Nigeria has unveiled a new export policy set to take effect in 2026, prohibiting eight key items from leaving the country.
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The directive aims to strengthen local industries, safeguard cultural heritage, and protect endangered species.
The banned items include:
1. Maize – Restricted to secure food supply and ensure domestic consumption.
2. Timber – Both rough and sawn, to curb deforestation and encourage local processing.
3. Raw hides and skins – Including Wet Blue and unfinished leather (H.S. Codes 4101.2000.00 – 4108.9200.00), to boost Nigeria’s leather industry.
4. Scrap metals – Export restrictions intended to support local manufacturing and recycling sectors.
5. Unprocessed rubber latex and rubber lumps – To stimulate the local rubber processing industry and create jobs.
6. Artifacts and antiquities – Protected to preserve Nigeria’s cultural heritage and prevent illegal trade.
7. Wildlife animals and their products – Endangered species such as crocodiles, elephants, lizards, eagles, monkeys, zebras, and lions are prohibited, reflecting Nigeria’s commitment to biodiversity conservation.
Officials say the policy is part of a broader strategy to strengthen domestic value chains, encourage local processing, preserve historical treasures, and protect natural resources for future generations.
This announcement complements earlier import restrictions aimed at boosting Nigeria’s local industries and reducing dependence on foreign products.
Also read: NGE President Seeks Stronger Academia–Industry Synergy
By regulating exports and imports, the government hopes to foster economic growth and safeguard strategic resources.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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