Nigeria hits record $5.45bn in non-oil exports in 49 years — NEPC
...Targets bigger global market share
By Matthew Denis
The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has disclosed that the agency recorded its highest non-oil export value in history, reaching $5.45 billion in 2024. This marks the most significant achievement since the Council’s establishment 49 years ago.
Ayeni made this announcement in Abuja on Monday during the first quarter progress briefing on Nigeria’s non-oil export performance for 2025.
According to her, “In January this year, the NEPC recorded the highest export value since its inception, with a 20.77% increase year-on-year—from $4.517 billion in 2023 to $5.456 billion in 2024.”
She attributed this growth to concerted efforts in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the policy direction of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. These efforts, she noted, have started yielding tangible results, particularly through programmes such as the Council’s “Double Your Exports” campaign.
Reporting on the first quarter of 2025, Ayeni revealed that Nigeria’s non-oil exports were valued at $1.791 billion—an increase of 24.75% compared to the $1.436 billion recorded in the same period in 2024. Export volumes also saw significant growth, rising to 2.416 million metric tonnes, a jump of 243.44% from 1.937 million metric tonnes in Q1 2024.
Speaking on the variety of goods exported, Ayeni noted that a total of 197 distinct products were shipped abroad in the first quarter of 2025, an increase from 162 products during the same period last year. These included manufactured items, semi-processed goods, industrial extracts and agricultural commodities.
Data obtained from Pre-shipment Inspection Agents (PIAs) identified cocoa and its derivatives—including cocoa butter, liquor and cake—as the leading export products, followed by urea, cashew nuts, sesame seeds, gold dore, aluminium ingots, copper ingots, soybeans and rubber. Cocoa beans alone accounted for 45.02% of total non-oil exports, while urea/fertiliser made up 19.32%, and cashew nuts contributed 5.81%.
Top-performing exporters included Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited, maintaining the first and second positions respectively. Their export values accounted for 12.07% and 10.00% of the total, driven primarily by fertiliser and cocoa products.
Ayeni highlighted significant export activity within the ECOWAS region during the first quarter of 2025. Exports to member countries totalled 362,126.92 metric tonnes, valued at $63.06 million. This represented a 223.10% increase compared to the $19.517 million recorded in Q1 2024, accounting for 3.52% of total export value.
Exports to other African countries amounted to 281,480.29 metric tonnes valued at $32.732 million, or 1.83% of total non-oil exports.
“These figures are clear indicators that Nigeria’s non-oil exports are growing steadily, and that stakeholders are actively seizing the opportunities available in the sector,” Ayeni said. “This also reinforces the potential of the African Continental Free Trade Area (AfCFTA), which promises to be the largest free trade zone globally, linking all 55 African nations and over 1.3 billion people.”
She affirmed that the NEPC, in collaboration with the Ministry of Industry, Trade and Investment and other stakeholders, is intensifying efforts to position Nigeria as a key hub for intra-African trade.
On the role of financial institutions, Ayeni disclosed that in the first quarter of 2025, 28 commercial banks processed a total of 485 Nigerian Export Proceeds (NXPs). Zenith Bank Plc led with 30.71% of the NXPs, followed by First Bank of Nigeria Plc with 14.22%, and Guaranty Trust Bank Plc with 8.89%.
The NEPC’s efforts also extended to capacity building along the export value chain. Ayeni detailed that various training initiatives were carried out, covering good agricultural practices, proper storage and warehousing, packaging and labelling, cluster development, logistics and e-commerce.
“These initiatives included hands-on training, coaching and mentoring of MSMEs across all six geopolitical zones. We leveraged our regional and state offices across the 36 states and the FCT,” she said.
In Q1 2025, the Council held nine State Committee on Export Promotion (SCEP) meetings and conducted 64 training programmes, reaching a total of 6,821 participants nationwide.
To help MSME exporters meet international standards, the Council funded FDA and HACCP certifications for 105 exporters at no cost, with another batch of 100 exporters currently undergoing the same process.
Addressing the issue of export rejections, Ayeni stressed the Council’s commitment to quality assurance. “Ensuring conformity to global standards to reduce shipment rejections and contract cancellations remains a top priority.”
She noted that, in partnership with the International Trade Centre (ITC) in Geneva, the NEPC validated a baseline study on sesame and cowpea value chains. This led to the formation of an intergovernmental SPS (Sanitary and Phytosanitary Standards) agency tasked with implementing the study’s recommendations.
“In the first quarter, we achieved a major milestone when the WTO-STDF Nigeria 845 project validated its three-year baseline report and constituted an Inter-governmental Working Group,” she said.
Additionally, the Council undertook a study tour to Turkey to examine best practices in import and export procedures and sanitary standards, especially for sesame value chains.
Ayeni concluded by noting that improving market access remains critical to boosting non-oil trade. In this regard, the NEPC facilitated Nigerian participation in global trade fairs and B2B events, including the In-Cosmetics Global Trade Fair held in Amsterdam, Netherlands.