Nigeria’s efforts to diversify its economy away from crude oil dependency recorded a major milestone in the first quarter (Q1) as non-oil exports surged by 24.7 percent from $1.436 billion achieved in 2024 to $1.791 billion in 2025, according to data released by the Nigerian Export Promotion Council.
At a media briefing on Monday, the Executive Director of the NEPC, Nonye Ayeni, disclosed that the volume of non-oil exports also increased by 243.11 percent from 1.937 million metric tonnes in Q1 2024 to 2.416 million metric tonnes in Q1 2025.
Ayeni explained that Nigeria’s non-oil exports for the first quarter were driven by a combination of manufactured goods, semi-processed products, industrial extracts and agricultural commodities.
Cocoa and its derivatives emerged as the leading category, accounting for over 45 percent of total non-oil exports.
Urea and fertilizer contributed 19.32 percent while cashew nuts represented 5.81 percent.
Indorama Eleme Petrochemicals and Fertilizer Chemical Limited accounted for 12.07 percent and 10 percent of total non-oil exports, respectively.
Ayeni further stated that the cumulative value of Nigeria’s non-oil exports in 2024 stood at $5.456 billion, representing a 20.79 percent year-on-year increase.
She attributed the consistent growth to strategic initiatives aimed at promoting non-oil sectors and strengthening Nigeria’s presence in international markets.
With a sharp rise in both value and volume of exports, the data signals improved competitiveness of Nigerian products and an expanding non-oil sector despite ongoing global economic uncertainties.
The Council reaffirmed its commitment to sustaining the momentum through continued support for exporters, targeted trade facilitation programs and initiatives to address barriers to international market access.
The NEPC also explained that there is a need for increased investment in processing facilities to add more value to Nigeria’s raw commodities before export.
The strong first quarter performance places Nigeria in a favorable position to achieve its broader economic diversification goals set under the National Economic Development Plan.
Analysts believe that if the current growth trajectory is maintained, non-oil exports will continue to play a crucial role in stabilizing Nigeria’s foreign exchange earnings and supporting economic growth over the medium term.
