Breaking: Nigeria’s non-oil exports hit $5.46bn

Nigerian Export Promotion Council has announced a remarkable 20.79 per cent increase in the value of the country’s non-oil exports, reaching a total of $5.456bn in 2024.

It stated that the amount surpassed the $4.5bn generated in 2023.

The Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, disclosed 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 reflects the resilience and diversification of Nigeria’s export sector beyond crude oil, a shift aimed at reducing the country’s reliance on oil revenue.

According to her, the surge in non-oil exports was driven by increased economic activity in the agriculture, manufacturing, and solid minerals sectors.

She noted that the growth was largely propelled by the expansion of agricultural exports, including cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, alongside a rise in the export of urea and manufactured goods.

She said, “Despite economic challenges and the global downturn, the Council, through collaborations with relevant agencies and institutions, has contributed to economic diversification, achieving an impressive non-oil export performance of $5.456bn in 2024. This represents a significant 20.79 per cent increase compared to the $4.517bn recorded in 2023.

“This achievement can be attributed to the active diversification of the economy through the non-oil sector, with a focus on promoting agriculture, solid minerals, and manufacturing.

“It also reflects the positive impact of the federal government’s efforts to enhance trade through effective fiscal and financial policy implementation.”

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