Nigeria’s Non-Oil Exports Hit $5.45 Billion in 2024, NEPC Reports

The Nigerian Export Promotion Council (NEPC) has announced a significant milestone in the country’s trade performance, revealing that Nigeria’s non-oil exports reached $5.45 billion in 2024. This marks a 20.7% increase in value compared to previous years, with the total trade volume for the year standing at 7.2 metric tons. The announcement was made by Dr. Nonye Ayeni, Executive Director of NEPC, during the Ministry of Industry, Trade, and Investment’s retreat in Abuja, where the 2025 roadmap was presented.

Dr. Ayeni emphasized that Nigeria’s non-oil exports have expanded to 126 countries, underscoring the nation’s growing presence in global markets. “In terms of value, we grew by 20.7% to $5.45 billion, and we are now represented in 126 countries. This is a clear indication that Nigeria is making significant progress in diversifying its economy,” she stated.

The NEPC’s mandate remains focused on reducing Nigeria’s reliance on oil revenues by promoting non-oil exports. Dr. Ayeni highlighted the council’s efforts to support exporters through capacity-building programs and initiatives aimed at enhancing the quality and competitiveness of Nigerian goods. “We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” she said.

Capacity Building and Market Access

In 2024, the NEPC conducted approximately 629 capacity-building programs in collaboration with development organizations and agencies. These initiatives were designed to equip Nigerian exporters with the skills and knowledge needed to compete effectively in international markets. Dr. Ayeni noted that the council is also working to facilitate access to global markets for Nigerian products.

“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters,” she explained. “We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally.”

In addition, the NEPC is prioritizing the development of Micro, Small, and Medium Enterprises (MSMEs) by connecting them with experienced exporters. This mentorship approach includes training in various skill programs to enhance their export readiness. “Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” Dr. Ayeni added.

Trade Surplus and Key Export Markets

Nigeria’s trade performance in 2024 also saw a notable recovery in its trade balance. In the first quarter of the year, the country recorded a trade surplus of N6.52 trillion, a significant improvement from the trade deficits observed in previous quarters. This surplus was driven by a 51% increase in total exports, which were valued at N19.17 trillion during the period.

The primary export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans. France emerged as the top destination for Nigerian exports, accounting for 11.09% of the total export value. Other key markets included Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). These countries primarily imported Nigeria’s crude oil and gas products, reflecting strong energy trade ties.

Looking Ahead

As Nigeria continues to diversify its economy, the NEPC remains committed to supporting non-oil exports as a key driver of economic growth. The council’s focus on capacity building, market access, and international certifications is expected to further strengthen Nigeria’s position in global trade. With the 2025 roadmap now in place, stakeholders are optimistic about the potential for sustained growth in the non-oil export sector.

Dr. Ayeni concluded by reiterating the NEPC’s dedication to achieving its mandate. “We are confident that these efforts will not only boost Nigeria’s export earnings but also create jobs and contribute to the overall development of the economy,” she said.