Nigeria’s non-oil exports have seen a significant boost, with a 20.79% increase in value, reaching $5.456 billion in 2024. This was disclosed by the Nigerian Export Promotion Council (NEPC). The growth is attributed to the resilience and diversification of Nigeria’s export sector, particularly in agriculture, manufacturing, and solid minerals.
“The significant growth reflects the resilience and diversification of Nigeria’s export sector beyond crude oil, a shift aimed at reducing the country’s reliance on oil revenue,” said Nonye Ayeni, Executive Director of the NEPC.
The council aims to achieve a 30% growth target in 2025, driven by improved economic activity in key sectors. The surge in non-oil exports was boosted by expansion in agricultural exports, including cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, as well as a rise in the export of urea and manufactured goods.
“Despite the economic realities and the global economic downturn, the Council through collaborations with other relevant agencies and institutions have contributed towards economic diversification with an impressive non-oil performance of $5.456bn in 2024,” Ayeni said.
_Key Drivers of Growth:_
– _Cocoa beans_: accounted for 30.55% of total non-oil exports
– _Urea/Fertilizer_: contributed 15.74% to the sector’s revenue
The NEPC also highlighted the successful implementation of government policies aimed at boosting infrastructure, improving market access, and offering incentives for exporters. To further bolster Nigeria’s non-oil export capacity, the council will continue to work with exporters and government agencies to tackle challenges such as poor infrastructure and trade facilitation.
