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Exports

Nigeria's Non-Oil Exports Emerge as New Foreign Exchange Source

Strategic Insights

— 1 min read

Nigeria's economic landscape has witnessed a significant shift with non-oil exports emerging as the new source of foreign exchange, according to the National Orientation Agency (NOA). This development comes as earnings from the oil and gas sector have been disappointing over the past decade. The recent data from the Nigerian Export Promotion Council (NEPC) and the National Bureau of Statistics (NBS) reveals that non-oil products exported in the first half of 2025 were valued at $3.22 billion. Furthermore, Nigeria recorded a positive trade balance in Q1 2025, with the value of exports exceeding imports by N5.17 trillion.

Key Takeaways:

  • The National Orientation Agency (NOA) views non-oil exports as Nigeria's new source of foreign exchange, given the disappointing earnings from the oil and gas sector over the past decade.
  • The Nigerian Export Promotion Council (NEPC) reported that non-oil products exported in the first half of 2025 were valued at $3.22 billion, surpassing the $3.47 billion earnings from crude oil in the same period.
  • The National Bureau of Statistics (NBS) recorded a positive trade balance in Q1 2025, with the value of exports exceeding imports by N5.17 trillion.
  • Non-oil export earnings almost upstaged crude oil accruals in the first half of 2025, according to the NOA, marking an unprecedented record in decades.
  • The administration of President Bola Ahmed Tinubu has been credited with breaking the jinx of reliance on crude oil as the mainstay of the economy through tax reforms and the growth of non-oil exports.
  • Breakdown of non-oil export receipts in H1 2025 showed that $3.225 billion in accruals was realized from 4.040 million metric tons of varying products, mainly from agriculture and manufacturing.
  • The remarkable increase in government revenue from non-oil exports has been compared to the astronomical rise in revenue from tax reforms.

Statistics:

  • Non-oil products exported in the first half of 2025 were valued at $3.22 billion (NEPC).
  • Crude oil earnings in the first half of 2025 were $3.47 billion (NEPC).
  • Nigeria recorded a positive trade balance in Q1 2025, with exports exceeding imports by N5.17 trillion (NBS).
  • Non-oil export earnings almost surpassed crude oil accruals in the first half of 2025 (NOA).
  • 4.040 million metric tons of non-oil products were exported in H1 2025, mainly from agriculture and manufacturing (NEPC).

Sources:

  • National Orientation Agency (NOA)
  • Nigerian Export Promotion Council (NEPC)
  • National Bureau of Statistics (NBS)

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