The Nigerian Export Promotion Council (NEPC) yesterday disclosed that Nigeria’s non-oil exports grew by 24 per cent to $1.79 billion (N2.7 trillion) in the first quarter of 2025.

The Executive Director/CEO of NEPC, Nonye Ayeni, made the disclosure in Abuja at a press briefing on Monday while presenting the first quarter non-oil products performance in 2025.

She said, “Nigeria’s non-oil products exported in the first quarter of 2025 were valued at $1.791 billion. This is a 24.75% increase over and above US$ 1.436 billion reported in the first quarter of the year 2024.

“The volume also increased to 2.416 million tonnes which is an increase of 243.44% from 1.937 million tonnes recorded in the first quarter 2024,” she revealed.

197 products exported

On the goods exported, Ayeni further revealed that, “In the first quarter of the year 2025, a total of hundred and ninety-seven (197) distinct products were exported as the figure reflects an increase when compared to the hundred and sixty-two (162) products recorded in the first quarter of 2024.

“These products ranged from manufactured and semi-processed goods, to industrial extracts, and agricultural commodities, among others. Based on information received from Pre-shipment Inspection Agents (PIAs), of the top-20 products exported in the first quarter of 2025, cocoa and its derivatives including cocoa butter, cocoa liquor, cocoa cake came first, followed by urea, cashew nut, sesame seed, gold dore, cocoa butter, aluminium ingots, copper ingot, soya beans/meal, rubber were the top of the list.

“The top commodity in terms of total non-oil export, accounting for 45.02% was cocoa beans. Also, urea/fertiliser held the second position at 19.32% while cashew nuts came third with 5.81% of the total exported products.”

Exporting coys/banks involved

According to the NEPC, of the top twenty (20) leading export companies, Indorama Eleme Fertiliser and Chemical Limited and Starlink Global & Ideal Limited maintained their position as the first and second with 12.07% and 10.00%, respectively.

This is attributed to their notable export values of fertiliser and cocoa products.

Similarly, 10-member countries of ECOWAS actively engaged in importing Nigerian products throughout the first quarter of the year 2025. These exports, totaling 362,126.92 tonnes and amounting to US$ 63.060 million, constituted 3.52% of the total export value and also a significant increase of 223.10% when compared to the recorded figure of US$ 19.517 million for the first quarter of the year 2024.

“Nigeria also exported to other African countries in the first quarter of 2025. The value of these exports, totalling 281,480.29 tonnes valued US$ 32.732 million, represented 1.83% of the total export value.

These are pieces of evidence to show that the non-oil export is increasing and all stakeholders are taking advantage of the potential and opportunities inherent in the sector.

“It also lays credence to the fact that AFCFTA holds the key to intra-African trade as it promises to be the largest free trade area in the world both by area and by the number of countries, connecting the 55 countries in Africa with 1.3million people.

“The council working with various stakeholders and the Federal Ministry of Industry, Trade and Investment, is working very hard to ensure that Nigeria becomes a hub and takes its position as the Giant of Africa,” she further stated.

In terms of banks that participated in the first quarter of the year 2025, the NEPC boss stated that, “A total of 485 NXPs were processed involving 28 banks. Zenith Bank Plc. maintained its leading position, contributing 30.71% to the total number of NXPs for non-oil export. First Bank of Nigeria Plc. secured the second position with 14.22%, while Guaranty Trust Bank Plc. came third, contributing 8.89% to the overall NXP transactions respectively.

Export routes/destinations

Similarly, 16 exit points were used in the period under review to export non-oil products from Nigeria. Approximately 95% of the total non-oil exports were routed through seaports. In total, six (6) seaports, three (3) international airports and seven (7) land borders served as exit points for Nigeria’s non-oil exports.

“These exports strategically traversed diverse regions, including Africa, the Americas, Asia, Europe, and Oceania.

Notably, the Netherlands, Belgium, and Brazil emerged as the top three countries in terms of the export values of non-oil products from Nigeria,” the NEPC boss added.

Intensify efforts in exporting finished goods – Experts

Speaking to Daily Trust on the issue, senior professional at SPM Professionals, Dr Paul Alaje, noted that there should be concerted efforts to improve exports of finished goods rather than exporting raw materials.

“Nigeria should start looking beyond oil and agriculture and concentrate on finished goods. These goods range from jewelry products, manufactured goods, apparels and other processed food products rather than just exporting raw materials.

“What we need to do to improve that is to concentrate on the building blocks for exports which a fundamental of them is to improve electricity output. Improved exports can only happen when we do that.

“Secondly, Nigeria also needs to improve modern knowledge on packaging and how we can be able to process our goods in accordance with global best practices. Similarly, we also need to link our manufacturers and industries and take deliberate efforts to improve industrialisation,” Alaje explained

Also speaking, a development expert, Joseph Momoh, reiterated the fact that Nigeria can double its exports only if it can process it to finished goods.

“Most times, our exporters only export raw materials and earn very little. It is high time we looked inwards and developed a framework to add value which has the capacity to double our earnings,” he said.

Nigeria to harness non-oil exports

Recall that Vice President, Kashim Shettima had last year stated that the federal government would harness all non-oil export potentials as part of efforts to boost growth, noting that the country recorded a positive trade balance of N6.5 trillion in the second quarter of 2024.

Shettima, during the 3rd non-export conference explained that “For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s Trade Policy. With the Trade Policy, we intend to substantially increase the contribution of the trade sector to GDP and increase Nigeria’s share of global trade.

“It is encouraging to state here that the country’s total external trade recorded a favourable trade balance of N6.5 trillion in the second quarter of the year 2024. Of this sum, exports accounted for 60.89 percent of total trade, which amounted to N19.42 trillion, representing a marginal increase of 1.31 percent compared to N19.17 trillion in Q1 2024, and a 201.76 per cent rise over N6.44 trillion in Q2 2023.,’