For decades, Nigeria’s economy has been closely tied to the fluctuations of global oil markets. Since the discovery of oil in 1956, it has been the main source of revenue and dominated exports.
However, as the world moves towards greener energy and oil prices become increasingly volatile, Nigeria is shifting its economic focus.
Recent data from the Nigerian Export Promotion Council (NEPC) shows a turning point: non-oil exports increased by 6.26 percent, bringing total revenues to $2.7 billion in the first half of 2024.
This increase is an important step towards reducing the country’s dependence on oil.
Thus, the growth in non-oil exports, driven by agriculture, solid minerals, and manufacturing, highlights this change and points to a new direction for Nigeria’s economy. As these non-oil sectors grow, they indicate a shift away from an oil-dependent economy, changing Nigeria’s economic future.
According to the NEPC, non-oil exports reached $2.7 billion in the first half of 2024, up from $2.5 billion in the same period last year. This shift, supported by the focus on semi-processed products, marks a significant shift in Nigeria’s export dynamics.
