Nigeria’s non-oil export sector achieved total receipts of $2.7 billion in the first half of 2024, marking a 6.26% increase from the $2.53 billion recorded in the same period last year.
The Nigerian Export Promotion Council (NEPC) attributed this growth to the rising global demand for Made-in-Nigeria products.
Speaking at a media briefing in Abuja, NEPC Executive Director and CEO Nonye Ayeni highlighted that the sector’s success was driven by “the successful transition of government in May 2023, which brought about stability, coupled with increased demand for Nigerian products and the council’s initiatives to reawaken the consciousness of Nigerians on the need to imbibe an export culture.”
During the briefing, Ayeni provided a detailed breakdown of the export profile, revealing that 211 different non-oil products were exported to 122 countries.
Cocoa beans, urea/fertilizer, and sesame seeds were the top three contributors, making up 23.18%, 13.78%, and 11.04% of the total non-oil exports, respectively.
This shift from traditional agricultural commodities to more semi-processed and manufactured goods underscores the growing diversification of Nigeria’s export portfolio.
The total volume of exported products reached 3.83 million metric tonnes, with the Netherlands, Malaysia, and Brazil emerging as the top destinations by value. Notably, Ghana was the only African country among the top 15 global importers of Nigerian products.
The NEPC also recognized the significant contributions of major exporters, with Indorama-Eleme Fertilizer and Chemical Limited leading the pack with $198.8 million in exports, followed by Starlink Global and Ideal Limited and Outspan Nigeria Limited, which exported $184.7 million and $177.75 million, respectively.
Financial institutions played a critical role, with Zenith Bank Plc handling 43.09% of the total Non-Oil Export Proceeds (NXPs).
Ayeni urged Nigerian banks to capitalize on the opportunities within the non-oil export sector, particularly under the African Continental Free Trade Area (AfCFTA), to enhance exporters’ capacity and access to international markets.
