By Annette Ikponmwonba | August 24, 2026
Key Points
- Five companies generated about $120 million, representing 29.51 per cent of earnings recorded by Nigeria’s top 100 non-oil exporters in April 2026.
- Dangote Fertiliser led the group with 14.15 per cent of the top 100 exporters’ earnings.
- Robust International Commodities accounted for 5.16 per cent, followed by Tulip Cocoa Processing at 4.03 per cent.
- Valency Agro Nigeria and Outspan Nigeria contributed 3.17 per cent and 3.01 per cent, respectively.
- Nigeria’s non-oil export earnings rose to $960 million in April 2026, from $770 million in the previous month.
- Cashew nuts, urea and cocoa beans were the leading non-oil export products during the month.
- India, Vietnam, the United States, China and Germany were among Nigeria’s leading destinations for non-oil exports.
Main Story
Five companies accounted for nearly 30 per cent of the earnings generated by Nigeria’s top 100 non-oil exporters in April 2026, highlighting the growing contribution of fertiliser, agriculture and agro-processing to the country’s export earnings, According to the Central Bank of Nigeria’s April 2026 Economic Report, Dangote Fertiliser, Robust International Commodities, Tulip Cocoa Processing, Valency Agro Nigeria and Outspan Nigeria generated a combined $120 million, representing 29.51 per cent of earnings recorded by the top 100 non-oil exporters.
The development points to the increasing importance of agricultural commodities and industrial processing in Nigeria’s efforts to diversify its foreign-exchange earnings away from crude oil, Nigeria’s non-oil export earnings increased to $960 million in April, from $770 million previously. The CBN attributed the increase largely to higher global commodity prices and improved receipts from commodities including cashew nuts and fertiliser.
Cashew nuts were the largest non-oil export product, accounting for 21.25 per cent of earnings. Urea followed with 14.15 per cent, while cocoa beans accounted for 10.46 per cent, Other agricultural products contributed 8.33 per cent, sesame seeds accounted for 5.56 per cent and cocoa products represented 4.92 per cent.
The export destination data also showed the growing international reach of Nigerian non-oil products. India accounted for 16.51 per cent of exports among the country’s top 10 destinations, followed by Vietnam at 10.96 per cent, the United States at 8.71 per cent, China at 8.48 per cent and Germany at 5.88 per cent.
Dangote Fertiliser emerged as the largest contributor among the five companies, accounting for 14.15 per cent of earnings recorded by the CBN’s top 100 non-oil exporters, Its performance reflects the increasing role of fertiliser in Nigeria’s non-oil export market.
Urea accounted for 14.15 per cent of Nigeria’s non-oil export earnings in April, making it the second-largest export product after cashew nuts, The company has also been pursuing expansion of its fertiliser business. Bloomberg reported in January 2026 that Dangote Industries appointed MTN Group Chief Executive Officer Ralph Mupita to the board of Dangote Fertiliser as the business pursued expansion and considered a potential listing on the Nigerian Exchange.
Robust International Commodities ranked second among the five companies, accounting for 5.16 per cent of earnings, The company operates in agricultural commodity processing and trading, with products including cashew nuts, sesame seeds, rice, gum arabic, ginger and grains, Its position in the CBN ranking highlights the contribution of agricultural commodity trading and processing to Nigeria’s non-oil export earnings.
The company has also accessed the domestic capital market through commercial paper issuances. FMDQ Exchange records show that Robust issued several commercial paper instruments between 2023 and 2024, supporting its working-capital requirements, Tulip Cocoa Processing ranked third, contributing 4.03 per cent of the earnings of the CBN’s top 100 non-oil exporters.
The Ogun State-based company processes cocoa beans into cocoa liquor, cocoa butter and cocoa cake, giving it a role in the higher-value segment of Nigeria’s cocoa export industry, Premium Times reported in May 2025 that the company had expanded its cocoa-grinding capacity from 12,000 tonnes to more than 30,000 tonnes annually, citing the Nigerian Export Promotion Council.
The company’s processing operations demonstrate the potential for Nigeria to move beyond exporting raw agricultural commodities and capture more value through domestic processing, However, the cocoa sector continues to face traceability challenges.
An Associated Press investigation published in 2023 identified Tulip Cocoa Processing among companies purchasing cocoa linked to farming in Nigeria’s protected Omo Forest Reserve. The report raised questions about the traceability of cocoa moving through complex supply chains.
The Issues
The figures demonstrate the growing contribution of non-oil exports to Nigeria’s foreign-exchange earnings, but they also reveal the concentration of the sector around a relatively small number of commodities and companies, Agricultural commodities such as cashew, cocoa and sesame remain significant contributors, exposing exporters to fluctuations in international commodity prices and supply conditions.
The concentration also highlights the need to strengthen domestic processing, While Nigeria remains a major producer of several agricultural commodities, exporting processed products can generate greater value than exporting raw materials. Companies such as Tulip Cocoa Processing demonstrate how processing can move the country further along the global value chain.
Another issue is supply-chain infrastructure, Exporters must contend with transportation, storage, financing, power supply, port logistics and regulatory requirements. These factors can increase production and export costs and affect Nigeria’s competitiveness in international markets, Traceability is another challenge, particularly for agricultural commodities such as cocoa. International buyers are increasingly demanding information about where commodities originate and whether they comply with environmental and sustainability requirements.
What’s Being Said
The April figures from the CBN suggest that agriculture and industrial production are becoming increasingly important to Nigeria’s trade performance, The combined performance of the five leading companies shows that fertiliser and agro-processing are no longer peripheral components of the country’s export strategy.
Dangote Fertiliser’s leading position also demonstrates the growing contribution of manufactured products to the non-oil export basket, while the performance of Robust International Commodities and the cocoa processors highlights the continued importance of agricultural value chains, The figures also reinforce the argument that Nigeria can increase foreign-exchange earnings by moving beyond the export of raw commodities and developing stronger domestic processing capacity.
What’s Next
The next phase of Nigeria’s non-oil export strategy will depend on whether the country can sustain growth in agricultural exports while increasing the amount of processing carried out domestically, Greater investment in processing facilities, storage, transportation infrastructure and export financing could help Nigerian companies capture more value from commodities before they reach international markets, For cocoa, cashew and other agricultural products, improving traceability and meeting international sustainability standards will also become increasingly important as global markets impose stricter requirements.
The performance of Dangote Fertiliser could similarly encourage further investment in industrial products capable of generating foreign exchange beyond the traditional agricultural export base, If these trends continue, Nigeria’s non-oil export sector could become a more significant and diversified source of foreign-exchange earnings.
Bottom Line
Five companies generated about $120 million, or 29.51 per cent, of the earnings recorded by Nigeria’s top 100 non-oil exporters in April 2026, The ranking is significant because it shows two major forces shaping Nigeria’s export diversification drive: industrial production, represented by Dangote Fertiliser, and agriculture and agro-processing, represented by the other leading exporters.
With non-oil export earnings rising to $960 million in April, the opportunity for Nigeria is no longer simply to export more commodities, but to process more of them locally, build competitive supply chains and capture greater value from the global market, The challenge will be turning this emerging export momentum into a broader, sustainable and diversified source of foreign exchange for the Nigerian economy.
