Nigeria has recorded an impressive 20.79% increase in its non-oil exports, reaching a total of $5.456 billion in 2024, according to the Nigerian Export Promotion Council (NEPC). The latest figure surpasses the $4.5 billion generated in 2023, marking a significant milestone in the country’s economic diversification efforts.
The Executive Director of NEPC, Nonye Ayeni, disclosed the figures during a media briefing on the performance report of the non-oil export sector for 2024 on Friday in Abuja. She highlighted that the growth reflects the resilience and diversification of Nigeria’s export sector beyond crude oil, as the country aims to reduce its reliance on oil revenue.
Key Drivers of Growth
Ayeni attributed the surge in non-oil exports to increased economic activity in agriculture, manufacturing, and solid minerals sectors. She noted that agricultural exports, including cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, played a crucial role in boosting export revenue. Additionally, a rise in the export of urea and other manufactured goods contributed significantly to the overall increase.
“Despite economic challenges and the global downturn, the Council, through collaborations with relevant agencies and institutions, has contributed to economic diversification, achieving an impressive non-oil export performance of $5.456 billion in 2024. This represents a significant 20.79% increase compared to the $4.517 billion recorded in 2023,” Ayeni stated.
The remarkable growth in non-oil exports is a testament to Nigeria’s commitment to diversifying its economy. Ayeni emphasized that this success is linked to the government’s strategic efforts to enhance trade through effective fiscal and financial policy implementation.
“This achievement can be attributed to the active diversification of the economy through the non-oil sector, with a focus on promoting agriculture, solid minerals, and manufacturing. It also reflects the positive impact of the federal government’s efforts to enhance trade,” she added.
As Nigeria continues to focus on non-oil export growth, the NEPC remains committed to supporting exporters and expanding market opportunities for Nigerian goods on the global stage.
