Nigeria records 20.79% increase in non-oil export, surpassing $5bn

The Nigerian Export Promotion Council (NEPC) says, in 2024, it recorded a 20.79% increase in non-oil export, which is equivalent to over $5 billion dollars.

According to the Council’s Executive Director, Nonye Ayeni who made this known at a news briefing in Abuja, on the progress report of the non oil export performance said, this surpassed the amount generated in 2023.

Mrs Ayeni who stated that the significant milestone reflected the nation’s resilience and diversification process targeted at the reduction on dependence on oil.

The Executive Director who stated that the organisation exported over 200 distinct products ranging from manufactured and semi-processed goods to industrial extracts and agricultural commodities, said, these included Cocoa seeds, Cocoa butter, and Sesame seeds as well as, the rise in Urea exports contributed to overall growth.

Mrs Ayeni who set a target of over 30% this year, reaffirmed the organisation’s readiness to strengthen export Promotion strategies with the increase value addition in key commodities and expand market access through global trade partnership.

She, added that banks should support exporters with the provision affordable finance to help increase foreign exchange earnings.