The Nigerian Export Promotion Council (NEPC) announced that the country’s non-oil exports reached a total of $5.46 billion in 2024, marking a 20.79% increase from the $4.5 billion recorded in 2023.
NEPC’s Executive Director, Nonye Ayeni, shared these figures during a press briefing in Abuja. She noted that this growth reflects Nigeria’s ongoing efforts to diversify its economy beyond crude oil dependence.
The rise in non-oil exports was driven by increased activities in agriculture, manufacturing, and solid minerals. Key agricultural exports included cocoa beans, urea fertilizer, and sesame seeds. Cocoa beans made up 30.04% of total non-oil exports, while urea fertilizer accounted for 26.59%, and sesame seeds contributed 5.64%.
In terms of export destinations, Brazil was the leading importer of Nigeria’s non-oil products, accounting for 20.22% of total exports. Other significant destinations included the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the United States (5.21%).
Several companies played major roles in this export growth. Indorama Eleme Fertilizer & Chemical Ltd. led with 18.97% of total non-oil export earnings through urea exports. Dangote Fertilizer Ltd. followed with an 8.72% share, also from fertilizer exports. Outspan Nigeria Ltd., a major cocoa exporter, ranked third with an 8.45% share.
Ayeni attributed this success to various factors, including the successful government transition in May 2023 and policy initiatives under President Bola Tinubu’s Renewed Hope Agenda. She also credited NEPC’s “Operation Double Your Exports” initiative, which focused on partnerships, advocacy, capacity building, and export intervention programs.
She emphasized the importance of financial institutions in supporting the non-oil export sector. Zenith Bank Plc handled 43.09% of total Non-Oil Export Proceeds (NXPs), followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56% and 6.38%, respectively.
