EXPORT BOOM: Cocoa And Fertilizer Propel Nigeria’s Non-Oil Earnings To $5.46 Billion

EXPORT BOOM: Cocoa And Fertilizer Propel Nigeria’s Non-Oil Earnings To $5.46 Billion

The Nigerian Export Promotion Council (NEPC) has reported a significant increase in the country’s non-oil export revenue for 2024, totaling $5.456 billion. This reflects a 20.77% rise from the $4.517 billion…EXPORT BOOM: Cocoa And Fertilizer Propel Nigeria’s Non-Oil Earnings To $5.46 Billion

reported in 2023.

This growth is attributed to heightened production, rising global demand for Nigerian goods, economic recovery, strategic trade partnerships, government trade policies, and expanded market access.

During the presentation of the 2024 Non-Oil Export Performance Report, NEPC Executive Director/CEO Nonye Ayeni noted that Cocoa Beans and Urea/Fertilizer were the primary sources of revenue in this sector.

“Despite the global economic downturn and various local challenges, our collaboration with relevant agencies has propelled us towards economic diversification, resulting in an impressive non-oil export performance of $5.456 billion in 2024, which marks a substantial increase of 20.77% ($938.442 million) compared to $4.517 billion in 2023,” said Ayeni.

Cocoa Beans made up 30.55% of total non-oil exports, while Urea/Fertilizer contributed 15.74%, highlighting the crucial role of agriculture and industrial exports in Nigeria’s diversification efforts.

Ayeni further pointed out that the growth is attributed to increased productivity in key sectors, including agriculture, solid minerals, and manufacturing, alongside trade reforms under the agenda of President Bola Ahmed Tinubu.

NEPC identified key growth drivers within the sector, including increased production of agricultural and industrial goods like Cocoa, Urea/Fertilizer, and Sesame Seeds. Furthermore, federal government initiatives aimed at enhancing trade policies, coupled with greater involvement in regional and international trade agreements, played a significant role.

Ayeni emphasized that the success of the #doubleyourexport campaign and the Export 35 Redefined initiative, alongside strong advocacy for non-oil exports, have contributed to this positive outcome.

In 2024, a total of 246 distinct products were exported, encompassing manufactured goods, semi-processed items, and raw materials. Notably, Cocoa Butter saw a remarkable increase in demand, entering the top ten exports due to improved processing and favorable market conditions.

Leading exporting companies included Indorama Eleme Fertilizer and Chemical Limited, and Starlink Global & Ideal Limited, reporting earnings of $475.3 million (8.71%) and $456.7 million (8.37%), respectively, thanks to significant exports of Fertilizer and Cocoa products.

Ayeni acknowledged the vital role of Informal Cross-Border Trade (ICBT) in Nigeria’s non-oil export landscape, which is not fully represented in official statistics. She stressed the need for improved systems to document these transactions and accurately reflect Nigeria’s export potential.

“It is also noteworthy that there was an uptick in agricultural commodity exports, with a total of 7.291 million metric tonnes shipped during the review period. The true figures for 2024 would likely be even higher, considering ICBT contributes a significant portion to our total exports,” she explained.

Looking forward, NEPC expressed its commitment to enhancing export promotion strategies, increasing value addition in key commodities, and expanding market access through international trade collaborations.

The Council remains optimistic that, with sustained policy support and active private sector engagement, Nigeria’s non-oil export revenue will continue to surpass current achievements in the coming years.

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