Nigeria's non-oil exports increased 25% to $1.79bn in Q1 2025

Tuesday, 29 April 2025 04:47

Nigeria's non-oil exports increased 25% to $1.79bn in Q1 2025 - NEPC

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Nigeria's non-oil exports increased 25% to $1.79bn in Q1 2025 - NEPC

Nigeria has achieved a significant milestone in its economic diversification efforts, with non-oil exports reaching $1.791 billion in the first quarter of 2025, according to the Nigerian Export Promotion Council (NEPC).

NEPC Executive Director Nonye Ayeni announced the figures on Monday in Abuja, highlighting a 24.75% increase compared to the $1.436 billion recorded in the same period of 2024. The export volume also saw a remarkable 243.44% growth, rising to 2.416 million metric tonnes from 1.937 million metric tonnes in Q1 2024.

"This year, the Nigerian Export Promotion Council reported the highest export value since its establishment 49 years ago, with a year-on-year increase of 20.77% from $4.517 billion in 2023 to $5.456 billion in 2024," Ayeni stated.

The range of exported products expanded to 197 distinct items, up from 162 in the previous year, spanning manufactured goods, semi-processed items, industrial extracts, and agricultural commodities. Cocoa and its derivatives dominated the export portfolio, accounting for 45.02% of total non-oil exports, followed by urea/fertilizer at 19.32% and cashew nuts at 5.81%.

Leading exporters included Indorama Eleme Fertiliser and Chemical Limited and Starlink Global & Ideal Limited, which contributed 12.07% and 10% of export value respectively, primarily through fertilizer and cocoa products.

Intra-African trade showed promising growth, with exports to ECOWAS member countries valued at $63.060 million—a substantial 223.10% increase from Q1 2024. Additionally, exports to other African nations amounted to $32.732 million.

Ayeni attributed these positive results to NEPC initiatives such as the 'Double Your Exports' campaign and emphasized the potential of the African Continental Free Trade Area (AfCFTA) to further boost regional trade.

"The council, working with our supervising ministry and other stakeholders, remains committed to continuing this trajectory by providing support to the exporting community in areas of capacity building, standardization, and enhancing market access," Ayeni concluded.