The Nigerian Export Promotion Council (NEPC) has announced an increase in the country’s non-oil export earnings for 2024, reaching a total of $5.456 billion, representing a 20.77 per cent rise from the $4.517 billion recorded in 2023.
The growth has been attributed to increased production, improved global demand for Nigerian exports, supported by economic recovery and strategic trade partnerships, government trade policies, and expanding global market access.
At the presentation of the 2024 Non-oil Export Performance Report, the executive director/CEO of NEPC, Nonye Ayeni, highlighted that Cocoa Beans and Urea/Fertiliser emerged as the top contributors to the sector’s revenue.
“Despite the economic realities and the global economic downturn, the Council through collaboration with other relevant agencies has contributed towards economic diversification with an impressive non-oil performance of $5.456 billion in 2024. It is worth noting that this reflects a significant increase of 20.77 per cent (938.442 million) compared to the recorded figure of US$4.517 billion for the preceding year of 2023,” Ayeni said.
Cocoa Beans accounted for 30.55 per cent of total non-oil exports, while Urea/Fertilizer contributed 15.74 per cent, underscoring the pivotal role of agriculture and industrial exports in Nigeria’s economic diversification efforts.
She further attributed the growth to enhanced production in key sectors such as agriculture, solid minerals, and manufacturing, alongside trade policy reforms under President Bola Ahmed Tinubu’s agenda.
