Nigeria earns $1.9bn from non-oil exports in 2024, eyes further growth-Customs

Nigeria earns $1.9bn from non-oil exports in 2024, eyes further growth-Customs

The Nigeria Customs Service (NCS) has announced that the country earned $1.9 billion from non-oil exports between January and November 2024, marking a significant milestone in its economic diversification drive.

During the period, Nigeria exported 27,595 containers comprising agricultural products, manufactured goods, solid minerals, and other commodities. The Free on Board (FOB) value of these exports was $1,901,170,385.64, according to a report shared by the NCS on its official X (formerly Twitter) account.

This performance underscores the rising contributions of non-oil sectors to Nigeria’s export revenues, complementing broader trade trends. In Q3 2024, the National Bureau of Statistics (NBS) reported a N5.81 trillion trade surplus, with oil exports remaining dominant at N13.41 trillion.

However, non-oil exports, particularly in agriculture and solid minerals, continue to gain traction as vital contributors to the economy.

Despite this progress, stakeholders have flagged persistent challenges. At the Ministerial Export Consultation held in November 2024, exporters raised concerns about agricultural product rejections due to pesticide non-compliance, high port charges, and issues with the Nigeria Export Proceeds (NXP) form.

In response, Dr Jumoke Oduwole, Minister of Industry, Trade, and Investment, pledged to address these challenges. “We will support you, serve you, and resolve these issues. With an action plan and clear timelines, 2025 will be a transformative year for Nigeria’s non-oil export sector,” she assured.

The Nigerian Export Promotion Council (NEPC) and NEXIM Bank are working to enhance market access, funding, and export processes. Meanwhile, the Comptroller General of Customs, Bashir Adewale Adeniyi, emphasized ongoing efforts to automate ports, deploy scanners, and address forex repatriation issues in collaboration with the Central Bank of Nigeria (CBN).

As Nigeria looks to expand its non-oil export earnings further, the African Continental Free Trade Agreement (AfCFTA) and potential Economic Partnership Agreement (EPA) with Europe are seen as opportunities to unlock greater market access and drive growth.