Nigeria’s non-oil export sector has demonstrated significant growth in early 2025, building upon the momentum from 2024. According to the Nigerian Export Promotion Council (NEPC), non-oil exports in the first quarter of 2025 surged by 24.75% compared to the same period in 2024, reaching a value of $1.791 billion. This increase is attributed to the export of 2.416 million metric tonnes of goods, marking a 243.44% rise from the 1.937 million metric tonnes recorded in Q1 2024.
The Executive Director of NEPC, Dr. Nonye Ayeni, highlighted that this growth reflects the effectiveness of ongoing efforts to diversify Nigeria’s economy away from crude oil dependency. In 2024, the country’s non-oil exports totaled $5.456 billion, representing a 20.79% increase from the $4.5 billion recorded in 2023. The expansion was driven by increased economic activity in the agriculture, manufacturing, and solid minerals sectors.
In the first quarter of 2025, a total of 197 distinct products were exported, up from 162 products in the same period of the previous year. Key exports included cocoa and its derivatives (such as cocoa butter, cocoa liquor, and cocoa cake), urea, cashew nuts, sesame seeds, gold dore, aluminum ingots, copper ingots, soybeans/meal, and rubber. Cocoa beans accounted for 45.02% of total non-oil exports, urea/fertilizer held 19.32%, and cashew nuts comprised 5.81%.
Top-performing export companies during this period were Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited, contributing 12.07% and 10.00% to the total export value, respectively. These companies’ notable export values in fertilizer and cocoa products significantly bolstered Nigeria’s non-oil export performance.
Regionally, the ten member countries of the Economic Community of West African States (ECOWAS) actively imported Nigerian products in Q1 2025, totaling 362,126.92 metric tonnes valued at $63.06 million. This represents a 223.10% increase compared to the $19.517 million recorded in Q1 2024. Additionally, exports to other African countries amounted to 281,480.29 metric tonnes valued at $32.732 million, emphasizing Nigeria’s growing intra-African trade relations.
The NEPC also reported that in Q1 2025, a total of 485 Nigerian Export Proceeds (NXPs) were processed involving 28 banks. Zenith Bank Plc led with 30.71% of the total NXPs, followed by First Bank of Nigeria Plc at 14.22%, and Guaranty Trust Bank Plc at 8.89%. Approximately 95% of the total non-oil exports were routed through seaports, with six seaports, three international airports, and seven land borders serving as exit points.
Internationally, the Netherlands, Belgium, and Brazil emerged as the top three countries in terms of the export values of non-oil products from Nigeria. Despite challenges such as a 14% trade tariff imposed by the United States, the NEPC views this as an opportunity to focus more on value addition and enhance competitiveness in the global market.
Dr. Ayeni emphasized that these developments underscore the potential of the African Continental Free Trade Area (AfCFTA) in boosting intra-African trade. The NEPC, in collaboration with various stakeholders and the Federal Ministry of Industry, Trade, and Investment, is working diligently to position Nigeria as a central hub in Africa’s trade landscape.
