Nigeria’s non-oil export sector experienced a remarkable surge in 2024, with earnings reaching a record-breaking $5.456 billion, a substantial 20.77% increase compared to the $4.517 billion recorded in 2023. This significant growth, announced by the Nigerian Export Promotion Council (NEPC), is a testament to the nation’s burgeoning economic diversification efforts.
“Despite the economic realities and the global economic downturn, the Council, through collaboration with other relevant agencies, has contributed towards economic diversification with an impressive non-oil performance of $5.456 billion in 2024,” declared Nonye Ayeni, Executive Director/CEO of NEPC, during the presentation of the 2024 Non-Oil Export Performance Report. “It is worth noting that this reflects a significant increase of 20.77% (938.442 million) compared to the recorded figure of US$4.517 billion for the preceding year of 2023.”
Several key factors contributed to this impressive performance. Increased production across key sectors, including agriculture (Cocoa Beans, Urea/Fertilizer, Sesame Seeds), solid minerals, and manufacturing, played a pivotal role. Furthermore, the Federal Government’s proactive approach to enhancing trade policies and expanding market access through regional and international trade agreements significantly boosted export volumes.
“The impressive performance in 2024 reflects the success of our #doubleyourexport campaign, Export 35 Redefined initiative, and strengthened advocacy for non-oil exports,” Ayeni emphasised.
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The report revealed that a diverse range of 246 products were exported throughout the year, spanning manufactured goods, semi-processed commodities, and raw materials. Notably, Cocoa Beans and Urea/Fertilizer emerged as the top contributors to export revenue, accounting for 30.55% and 15.74% of the total, respectively.
“Of the top 20 exporting companies in Nigeria, Indorama Eleme Fertiliser and Chemical Limited and Starlink Global & Ideal Limited secured the foremost position with $475,309,887.26, representing 8.71% and $456,740,920.00, representing 8.37%, respectively. This is attributed to their notable export volumes of Fertilizer and Cocoa products,” the report highlighted.
Ayeni acknowledged the significant but often overlooked contribution of Informal Cross-Border Trade (ICBT) to Nigeria’s export landscape. “It is also interesting to note that there was an increase in the volume of agricultural commodities as non-oil export returns showed that 7.291 million metric tonnes of exportable products were exported in the period under review. More importantly, the result for 2024 would have been much more considering that the volume of Informal Cross Border Trade (ICBT) represents a reasonable percentage of our exports,” she stated.
Looking ahead, the NEPC remains committed to strengthening export promotion strategies, emphasising value addition across key commodities, and expanding market access through robust global trade partnerships.
The Council is optimistic that with continued policy support and active private sector participation, Nigeria’s non-oil export sector will continue to thrive and surpass current records in the years to come.
