Nigeria's efforts to pivot away from its reliance on oil revenue are gaining significant traction, as evidenced by a substantial increase in non-oil exports in the first quarter of 2025. According to the Nigeria Export Promotion Council (NEPC), the total value of non-oil exports reached an impressive $1.791 billion during this period.
Dr. Nonye Ayeni, the Director-General of the NEPC, unveiled these encouraging figures on Monday during the presentation of the First Quarter Progress Report on Non-Oil Export Performance for 2025 in Abuja. She highlighted that the reported value signifies a robust 24.75% increase compared to the $1.436 billion recorded in the corresponding period of 2024, indicating strong upward momentum in the nation's diversification endeavors.
"In the first quarter of 2025, a total of 197 distinct products were exported," Dr. Ayeni stated. "This reflects an increase compared to 162 products recorded in Q1 2024. These products span across manufactured and semi-processed goods, industrial extracts, and agricultural commodities." This broadening range of export products underscores the expanding capacity and diversity within Nigeria's non-oil sector.
Significant Growth in Export Volume:
The volume of non-oil exports also experienced remarkable growth, soaring to 2.416 million metric tonnes. This represents a substantial 243.44% increase from the 1.937 million metric tonnes reported in the first quarter of 2024. Dr. Ayeni attributed this significant surge to the increasing number of stakeholders capitalizing on the burgeoning opportunities within the non-oil export sector.
Cocoa Leads the Pack, Top Exporters Identified:
Dr. Ayeni highlighted that cocoa and its derivatives, including cocoa butter, cocoa liquor, and cocoa cake, emerged as the top exported products in Q1 2025. Other significant contributors to the non-oil export basket included urea/fertiliser, cashew nuts, sesame seeds, gold dore, aluminium ingots, copper ingots, soya beans/meal, and rubber.
Analysis of data from Pre-shipment Inspection Agents (PIAs) revealed that cocoa beans alone accounted for a dominant 45.02% of the total non-oil export value. Urea/fertiliser followed with a significant share of 19.32%, while cashew nuts contributed 5.81%.
On the corporate front, Indorama Eleme Fertiliser and Chemical Ltd and Starlink Global and Ideal Ltd maintained their positions as the leading exporters, commanding export shares of 12.07% and 10.00% respectively. Their strong performance was primarily driven by the substantial export values of fertiliser and cocoa products.
ECOWAS Region Shows Strong Import Growth:
Dr. Ayeni also disclosed positive trends in regional trade. Ten member countries of the Economic Community of West African States (ECOWAS) imported Nigerian non-oil products worth $63.060 million in Q1 2025, accounting for 3.52% of the total export value. This figure represents an impressive 223.10% increase compared to the $19.517 million recorded in Q1 2024, highlighting the growing demand for Nigerian non-oil goods within the sub-region.
Furthermore, exports to other African countries reached $32.732 million, constituting 1.83% of the total non-oil exports for the quarter.
Strategic Alignment for Economic Diversification:
Dr. Ayeni recalled the NEPC's earlier report in January, which highlighted the highest non-oil export value in the council's 49-year history, with a year-on-year increase of 20.77% from $4.517 billion in 2023 to $5.456 billion in 2024. She emphasized the council's intensified collaboration with the Federal Ministry of Industry, Trade and Investment, and other stakeholders to further boost non-oil export volumes and values, aligning with President Bola Tinubu’s Renewed Hope Agenda.
Dr. Ayeni affirmed that stakeholders are increasingly recognizing and capitalizing on the vast potential and opportunities inherent in Nigeria's non-oil sector. She reiterated that the NEPC's strategic direction is firmly aligned with the national agenda to diversify Nigeria’s economy, reduce the long-standing over-reliance on oil revenues, and cultivate a more sustainable, export-driven economic framework. The significant growth in non-oil exports in the first quarter of 2025 provides a strong indication that these strategic efforts are yielding positive results.