Nigeria’s non-oil export sector experienced remarkable growth in 2024, achieving a total value of $5.456 billion, a substantial 20.79% increase compared to the $4.517 billion recorded in 2023. This surge signifies a significant step towards diversifying the Nigerian economy and reducing its dependence on crude oil revenue, a long-standing objective of the government. The Nigerian Export Promotion Council (NEPC) attributed this success to the combined efforts of various stakeholders, including government agencies, private sector players, and international partners. This growth underscores the resilience and potential of the non-oil sector to contribute significantly to the national economy and create a more sustainable economic future.
The agricultural sector emerged as a major driver of this growth, with increased exports of key commodities such as cocoa seeds, cocoa butter, sesame seeds, and cashew nuts. This positive performance reflects the impact of government initiatives aimed at boosting agricultural productivity, improving access to markets, and enhancing value chain development. Beyond agriculture, the manufacturing and solid minerals sectors also contributed significantly to the overall export growth, demonstrating the broadening diversification of the Nigerian economy. This positive trend indicates the growing competitiveness of Nigerian products in the global market and the potential for further expansion in these sectors.
The NEPC highlighted the role of strategic collaborations and targeted interventions in facilitating this impressive growth. By working closely with relevant agencies and institutions, the Council effectively implemented programs to support exporters, enhance product quality, and access new markets. The collaborative approach adopted by the NEPC, engaging both public and private sector stakeholders, proved crucial in overcoming challenges and achieving the impressive growth in non-oil exports. This highlights the importance of a coordinated and collaborative approach to export promotion.
The success of the non-oil export sector in 2024 also benefited from the implementation of effective fiscal and financial policies by the federal government. These policies created a more conducive environment for businesses to thrive, encouraging investment, promoting export-oriented activities, and fostering overall economic growth. The government’s commitment to economic diversification, coupled with supportive policies, has created a positive momentum for the non-oil sector, paving the way for sustained growth in the coming years.
The significant increase in non-oil exports represents not only an economic achievement but also a strategic shift towards a more sustainable and diversified economy. It demonstrates the potential of the non-oil sector to create jobs, generate revenue, and contribute to national development. The success achieved in 2024 provides a strong foundation for further growth and affirms the viability of the non-oil sector as a key driver of economic transformation in Nigeria. It also signals a growing confidence in the Nigerian economy and its capacity to compete effectively in the global marketplace.
Looking ahead, the NEPC aims to build on this momentum by further strengthening its support for exporters, promoting value addition, and exploring new market opportunities. The focus will be on enhancing the competitiveness of Nigerian products, improving logistics and infrastructure, and fostering a more enabling environment for businesses to thrive. The Council’s strategic vision is to transform the non-oil export sector into a major engine of economic growth, creating jobs, generating wealth, and contributing to the overall prosperity of Nigeria. The sustained growth of the non-oil sector is crucial for achieving long-term economic stability and reducing the country’s vulnerability to fluctuations in the global oil market.
