Nigeria\u2019s efforts to diversify its economy away from oil dependency are beginning to yield tangible results, as the country recorded a remarkable boost in non-oil exports in the first quarter of 2025. According to the Nigeria Export Promotion Council (NEPC), non-oil exports totalled $1.791 billion between January and March 2025 \u2014 a notable 24.75% increase from the $1.436 billion recorded during the same period in 2024.<\/p>\n
This announcement was made by Dr Nonye Ayeni, Director-General of the NEPC, during the presentation of the First Quarter Progress Report on Non-Oil Export Performance in Abuja on Monday.<\/p>\n
\u201cThe growth we\u2019ve seen in Q1 is a clear indication that stakeholders are increasingly capitalising on opportunities in the non-oil export sector,\u201d Ayeni stated. \u201cIn total, 197 different products were exported this quarter, up from 162 in Q1 2024 \u2014 reflecting an encouraging diversification of our export portfolio.\u201d<\/p>\n
The surge wasn\u2019t limited to value alone. Export volumes experienced an even more striking increase, climbing by 243.44% to reach 2.416 million metric tonnes, compared to 1.937 million metric tonnes during the same quarter last year.<\/p>\n
Top Performing Products and Exporters<\/strong><\/p>\n Cocoa and its derivatives remained Nigeria\u2019s leading non-oil export products in Q1 2025. Cocoa beans alone accounted for 45.02% of total exports, followed by urea\/fertiliser at 19.32% and cashew nuts at 5.81%. Other notable exports included sesame seeds, gold dore, aluminium and copper ingots, soya products, and natural rubber.<\/p>\n On the corporate front, Indorama Eleme Fertiliser and Chemical Ltd emerged as the top exporting company, contributing 12.07% of total non-oil export value. Close behind was Starlink Global and Ideal Ltd, with a 10.00% share, largely thanks to robust export activity in fertiliser and cocoa-based products.<\/p>\n Regional Export Growth<\/strong><\/p>\n The NEPC report also highlighted significant regional gains, particularly within West Africa. Ten member states of the Economic Community of West African States (ECOWAS) imported Nigerian non-oil goods worth $63.06 million in Q1 2025 \u2014 a staggering 223.10% increase compared to $19.52 million in Q1 2024.<\/p>\n Exports to other African countries also reached $32.73 million, representing 1.83% of the quarter\u2019s total non-oil export earnings.<\/p>\n Strategic Progress Towards Diversification<\/strong><\/p>\n Reflecting on earlier achievements, Ayeni reminded stakeholders that Nigeria recorded its highest non-oil export value in 49 years in 2024, reaching $5.456 billion \u2014 a 20.77% increase on the $4.517 billion achieved in 2023.<\/p>\n She credited this ongoing progress to enhanced collaboration between the NEPC, the Federal Ministry of Industry, Trade and Investment, and private sector stakeholders. Their joint efforts align with the Federal Government\u2019s broader economic agenda \u2014 President Bola Tinubu\u2019s Renewed Hope Agenda<\/em> \u2014 aimed at reducing the nation\u2019s dependence on oil and building a more sustainable, export-led economy.<\/p>\n \u201cThis momentum reflects the increasing awareness and commitment of stakeholders to unlocking the immense potential of Nigeria\u2019s non-oil sector,\u201d Ayeni said, reaffirming the NEPC\u2019s dedication to driving inclusive and long-term economic growth.<\/p>\n