BREAKING NEWS: Nigeria's Non-Oil Exports Skyrocket to $5.46 Billion in 2024 — NEPC

Jan 28, 2025 10:40 AM

The Nigerian Export Promotion Council announced an impressive 20.79% rise in the value of the country's non-oil exports, reaching $5.456 billion in 2024. This figure surpasses the $4.5 billion generated in 2023.


The Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, shared these figures during a media briefing on the 2024 non-oil export sector performance report in Abuja on Friday. She highlighted that this significant growth illustrates the resilience and diversification of Nigeria's export sector beyond crude oil, aiming to reduce the country's dependence on oil revenue.


According to her, the surge in non-oil exports was driven by increased economic activities in the agriculture, manufacturing, and solid minerals sectors. She pointed out that the growth was mainly fueled by the expansion of agricultural exports, such as cocoa seeds, cocoa butter, sesame seeds, and cashew nuts, as well as a rise in the export of urea and manufactured goods.


Ayeni stated, "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 $5.456 billion in 2024. This represents a significant 20.79% increase compared to the $4.517 billion 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."


More details to follow…

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