Natural Resources, Agriculture Contributed to Non-oil Export by 20.79% rise in 2024 – NEPC
Natural Resources, Agriculture Contributed to Non-oil Export by 20.79% rise in 2024.
The Nigerian Export Promotion Council has announced a 20.79 per cent increase in the value of the country’s non-oil exports, reaching a total of $5.456bn in 2024.
Nigerian Export Promotion Council
NEPC stated that the amount representing an increase of $938.442m surpassed the $4.517bn collected by the government in 2023.
The Executive Director of the NEPC, Nonye Ayeni, revealed the figures while addressing the media on the performance report of the non-oil export sector for 2024 on Friday in Abuja.
She said the significant growth reflected the resilience and diversification of Nigeria’s export sector beyond crude oil, a shift aimed at reducing the country’s reliance on oil revenue.
Ayeni also mentioned that the council aimed for a 30 per cent growth target in 2025.
She said, “Despite the economic realities and the global economic downturn, the Council through collaborations with other relevant agencies and institutions have contributed towards economic diversification with an impressive non-oil performance of $5.456bn in 2024.
“It is worth noting that this reflects a significant increase of 20.79 per cent compared to the regular figure of $4.517bn for the preceding year of 2023.”
According to her, the surge in non-oil exports was boosted by improved economic activity in the agriculture, manufacturing, and solid minerals sectors.
She added that expansion in agricultural exports, including items such as cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, as well as a rise in the export of urea and manufactured goods facilitated the growth.
“This achievement can be attributed to the active diversification of the economy through the non-oil sector with emphasis on promoting agriculture, solid minerals and manufacturing.
“It is also by the positive impact of the current effort by the federal government to enhance trade through effective policy implementation, both fiscal and financial policies.”
On key drivers of growth, NEPC said cocoa beans and urea/fertilizer emerged as the top contributors to the sector’s revenue.
“Cocoa beans accounted for 30.55 per cent of total non-oil exports, while Urea/Fertilizer contributed 15.74 per cent, underscoring the pivotal role of agriculture and industrial exports in Nigeria’s economic diversification efforts.
“The impressive performance in 2024 reflects the success of our #doubleyourexport campaign, Export 35 Redefined initiative, and strengthened advocacy for non-oil exports,” Ayeni stated.
She added that a total of 246 distinct products were exported in 2024, spanning manufactured goods, semi-processed commodities, and raw materials.
Natural Resources, Agriculture Contributed to Non-oil Export by 20.79% rise in 2024 – NEPC
Among exporting companies, Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited led the pack, with export earnings of $475.3 million (8.71 per cent) and $456.7 million (8.37 per cent), respectively. Their dominance was largely due to large-scale exports of Fertilizer and Cocoa products.
She explained, “Of the top 20 exporting companies in Nigeria, Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited secured the foremost position with $475,309,887.26, representing 8.71 per cent and $456,740,920.00, representing 8.37 per cent respectively. This is attributed to their notable export volumes of Fertilizer and Cocoa products.”
Ayeni further acknowledged that Informal Cross-Border Trade played a crucial role in Nigeria’s non-oil export landscape, with its contributions yet to be fully captured in official figures, emphasising the need for improved mechanisms to integrate and record these transactions to reflect the true scale of Nigeria’s export potential.
“It is also interesting to note that there was an increase in the volume of agricultural commodities as non-oil export returns showed that 7.291 million metric tonnes of exportable products were exported in the period under review. More importantly, the result for 2024 would have been much more considering that the volume of Informal Cross Border Trade represents a reasonable percentage of our exports,” She explained.
The NEPC boss also highlighted the successful implementation of various government policies aimed at boosting infrastructure, improving market access, and offering incentives for exporters.
As part of ongoing efforts to bolster Nigeria’s non-oil export capacity, Nonye noted that the NEPC would continue to work with exporters and government agencies to tackle challenges such as poor infrastructure and trade facilitation, while also strengthening trade relations with global partners.
Looking ahead with the positive trajectory of non-oil exports, the NEPC reaffirmed its commitment to strengthening export promotion strategies, increasing value addition in key commodities, and expanding market access through global trade partnerships.
