Nigeria’s Non-Oil Export Sector Experiences Remarkable Growth in Q1 2025
Nigeria’s pursuit of economic diversification has yielded promising results in the first quarter of 2025, with the non-oil export sector demonstrating significant growth. According to the Nigerian Export Promotion Council (NEPC), the total value of non-oil exports reached $1.791 billion, marking a substantial 24.7% increase compared to the $1.436 billion recorded during the same period in 2024. This surge signifies not only a positive trend in export earnings but also a strengthening of the nation’s efforts to reduce its reliance on crude oil revenues. The growth in export value was accompanied by a remarkable increase in export volume, which soared to 2.416 million metric tonnes, a 243.44% jump from the 1.937 million metric tonnes recorded in the first quarter of 2024. This impressive expansion reflects the growing competitiveness of Nigerian non-oil products in the global market and the concerted efforts by exporters to capitalize on emerging international trade opportunities.
The composition of Nigeria’s non-oil export basket reveals a diversified range of products, spanning manufactured and semi-processed goods, industrial extracts, and agricultural commodities. This diversification underscores the country’s potential to become a significant player in various sectors of the global economy. Among these exports, cocoa and its derivatives, including cocoa butter, cocoa liquor, and cocoa cake, emerged as the leading contributors, accounting for over 45% of the total export value. This highlights the continued importance of the cocoa industry to Nigeria’s economy and its potential for further growth. Urea and fertilizer followed closely behind, representing 19.32% of total non-oil exports, demonstrating the growing significance of the fertilizer industry in contributing to the nation’s export earnings. Cashew nuts also played a notable role, contributing 5.81% to the overall export value.
Several key players have been instrumental in driving the growth of Nigeria’s non-oil exports. Indorama Eleme Petrochemicals, Fertilizer Chemical Limited, Starlink Global, and Ideal Limited emerged as top exporters, accounting for significant portions of the total export value. These companies’ substantial contributions, particularly in fertilizer and cocoa product exports, have been crucial in propelling the sector’s overall performance. The remarkable increase in exports underscores the effectiveness of these businesses in leveraging their production capacities and capitalizing on export opportunities. Their success serves as a testament to the potential of Nigerian businesses to compete on the global stage.
The NEPC Executive Director, Nonye Ayeni, expressed optimism about the sector’s performance, emphasizing that the impressive growth highlights the effectiveness of ongoing initiatives to diversify the country’s economy away from its dependence on crude oil. These efforts aim to create a more resilient and sustainable economic model, reducing vulnerability to fluctuations in global oil prices and fostering growth across various sectors. The success of these diversification initiatives is evident in the robust growth of non-oil exports, signaling a positive trajectory for the Nigerian economy.
Furthermore, the NEPC reported that the cumulative value of Nigeria’s non-oil exports in 2024 reached $5.456 billion, representing a substantial 20.79% year-on-year increase. This consistent growth underscores the sustained momentum in the non-oil export sector and reinforces the positive impact of government policies and private sector initiatives aimed at promoting export diversification. This achievement further strengthens the argument for continued investment in and support for the non-oil export sector as a key driver of economic growth and stability.
The positive developments in Nigeria’s non-oil export sector provide strong evidence of the country’s progress towards economic diversification. The substantial growth in export value and volume, coupled with the diversified nature of the export basket, signifies a positive shift towards a more resilient and balanced economy. The success of key exporting companies demonstrates the potential of Nigerian businesses to compete globally, and the overall performance of the sector reflects the effectiveness of ongoing efforts to reduce dependence on crude oil and foster sustainable economic growth. These positive trends suggest a promising future for the Nigerian economy, driven by the dynamism and potential of its non-oil export sector.
