This remarkable performance, which marks a significant achievement for Nigeria’s efforts to reduce its economic dependency on oil, was shared by Dr. Nonye Ayeni, the Director-General of the NEPC, during the presentation of the First Quarter Progress Report on Non-Oil Export Performance for 2025, held in Abuja on Monday. According to Ayeni, the figure represents a 24.75% increase from the $1.436 billion recorded during the same period in 2024, highlighting a clear upward trajectory in the country’s non-oil export activities.

Expanding Product Base and Growing Export Volume

Dr. Ayeni revealed that the increase in export value was not just due to higher prices but also a notable rise in the variety of products being exported. In Q1 2025, a total of 197 distinct products were exported, surpassing the 162 products recorded in Q1 2024. These products ranged across various categories, including manufactured goods, semi-processed items, industrial extracts, and agricultural commodities. This diversification reflects Nigeria’s growing efforts to broaden the scope of its export portfolio beyond crude oil.

The volume of non-oil exports also saw remarkable growth, rising to 2.416 million metric tonnes. This represents a 243.44% jump from the 1.937 million metric tonnes recorded in the same period in 2024. This surge in export volume is indicative of the increasing participation of stakeholders in the non-oil export sector, as the industry continues to gain traction and recognition in international markets.

Top Exported Products and Key Companies Driving the Growth

The NEPC’s report highlighted cocoa and its derivatives as the leading products in Nigeria’s non-oil export sector in Q1 2025. Cocoa beans, along with products such as cocoa butter, cocoa liquor, and cocoa cake, topped the list of exports. Cocoa’s prominence as a key export product is not surprising, as it has long been one of Nigeria’s most important agricultural exports.

Other key export products included:

• Urea/Fertilizer

• Cashew Nuts

• Sesame Seeds

• Gold Dore

• Aluminium Ingots

• Copper Ingots

• Soya Beans/Meal

• Rubber

Among these, cocoa beans alone accounted for a substantial 45.02% of Nigeria’s total non-oil exports in Q1 2025. Following cocoa, urea/fertilizer came in second, contributing 19.32% to the total export value, while cashew nuts accounted for 5.81%.

On the corporate side, two companies stood out as the top exporters in Q1 2025: Indorama Eleme Fertiliser and Chemical Ltd and Starlink Global and Ideal Ltd. These companies, which specialize in fertilizer and cocoa product exports, respectively, maintained strong positions in the market with export shares of 12.07% and 10.00%. Their performance exemplifies the significant role that large-scale corporations play in driving the growth of Nigeria’s non-oil export sector.

Regional Performance and Expanding Market Reach

In terms of regional export performance, Ayeni provided a detailed breakdown of Nigeria’s non-oil exports to various regions across the globe. Notably, 10 member countries of the Economic Community of West African States (ECOWAS) imported Nigerian non-oil products worth $63.060 million in Q1 2025. This figure represents 3.52% of the total export value for the period, which is a remarkable 223.10% increase compared to the $19.517 million recorded during the same period in 2024.

In addition, Nigeria’s exports to other African nations totaled $32.732 million, accounting for 1.83% of the total non-oil export value for Q1 2025. These figures underscore the growing demand for Nigerian products across the continent, highlighting the effectiveness of regional trade agreements like ECOWAS in boosting intra-Africa trade.

Strategic Alignment with National Economic Goals

The growth of Nigeria’s non-oil exports comes at a time when the country is focused on diversifying its economy and reducing its over-reliance on oil revenues. Dr. Ayeni emphasized that the NEPC is intensifying its efforts, in collaboration with the Federal Ministry of Industry, Trade, and Investment and other stakeholders, to expand the country’s non-oil export volumes and values as part of President Bola Tinubu’s Renewed Hope Agenda.

Ayeni pointed out that the efforts to boost non-oil exports align directly with the broader national agenda of diversifying Nigeria’s economy. By reducing the country’s reliance on oil revenues, Nigeria aims to build a more sustainable, export-driven economy that can withstand global oil price fluctuations and economic volatility. The increase in non-oil export volumes is a clear indication that this strategy is beginning to pay off.

The NEPC’s strategy focuses on leveraging Nigeria’s vast natural resources, including agricultural and mineral products, to foster long-term growth in the export sector. The continued growth in non-oil exports is essential for stimulating job creation, enhancing industrial capacity, and improving the overall trade balance.

Looking Ahead: Sustaining Growth and Scaling Exports

The success of Nigeria’s non-oil export sector in Q1 2025 is an encouraging sign, but experts suggest that there is still much work to be done to sustain and scale this growth. The Nigerian government, in partnership with private sector stakeholders, will need to continue strengthening infrastructure, improving export facilitation mechanisms, and enhancing trade policies to ensure that the sector remains competitive in the global marketplace.

Dr. Ayeni noted that the NEPC’s commitment to this cause is unwavering, and the agency will continue to explore innovative ways to support exporters, particularly small and medium-sized enterprises (SMEs), to expand their reach. By offering financial incentives, trade facilitation programs, and capacity-building initiatives, the NEPC hopes to make it easier for Nigerian businesses to access international markets and compete on the global stage.

Conclusion: A Strong Foundation for Diversification

The first-quarter report on Nigeria’s non-oil export performance in 2025 highlights significant progress in the country’s diversification efforts. The 24.75% increase in export value and the surge in export volume demonstrate the growing importance of the non-oil sector to Nigeria’s economy. By focusing on key export products like cocoa, fertilizer, and cashew nuts, Nigeria has laid a strong foundation for further expansion in international markets.

As the country continues to work towards achieving its diversification goals, it will need to maintain a strong commitment to developing its non-oil export sector. With continued collaboration between government bodies, private enterprises, and regional partners, Nigeria can build on its recent successes and emerge as a leader in global non-oil exports.