The Nigerian Export Promotion Council (NEPC) reports that Nigeria’s non-oil exports reach $5.45 billion in 2024, reflecting a 20.7% increase in trade value and a total export volume of 7.2 metric tons.
NEPC Executive Director, Dr. Nonye Ayeni, discloses this on Monday during the Ministry of Industry, Trade, and Investment’s retreat in Abuja, where the 2025 roadmap is being presented.
Ayeni highlights that Nigeria’s export footprint expands to 126 countries, reinforcing the country’s progress in diversifying its economy beyond oil.
“In terms of value, we record a 20.7% increase, reaching $5.45 billion, and our exports now span across 126 countries. This underscores the significant strides Nigeria is making in global trade,” she states.
Ayeni reiterates NEPC’s commitment to reducing Nigeria’s reliance on oil revenue by fostering non-oil exports. She emphasizes the council’s efforts to support exporters through capacity-building initiatives and improved agricultural practices.
“We remain dedicated to equipping exporters with the necessary skills and knowledge to enhance their competitiveness in international markets,” she says.
According to Ayeni, NEPC conducts 629 capacity-building programs in 2024 in partnership with development organizations and agencies. These initiatives aim to boost the competitiveness of Nigerian exporters and facilitate global market access.
The council also works on providing international certifications to exporters at no cost, enabling them to penetrate niche markets and enhance global sales.
“By mainstreaming these efforts, we focus on increasing both the volume and value of non-oil exports. We also prioritize partnerships between Micro, Small, and Medium Enterprises (MSMEs) and experienced exporters to enhance skill development,” Ayeni states.
In the first quarter of 2024, Nigeria’s total exports amount to N19.17 trillion, marking a 51% growth from the previous quarter.
Major export commodities include crude oil, liquefied natural gas, sesamum seeds, urea, and premium-grade cocoa beans.
Nigeria records a trade surplus of N6.52 trillion during the period, reflecting a recovery from previous trade deficits. This positive balance is largely attributed to strong export growth, particularly in the oil and gas sector.
France emerges as Nigeria’s leading export destination in Q1 2024, accounting for 11.09% of total export value, followed by Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). These countries primarily import Nigerian crude oil and gas, reinforcing Nigeria’s strong energy trade relations.
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