BREAKING: NIGERIA’S NON-OIL EXPORTS HIT $5.46 BILLION IN 2024 – NEPC
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According to the Nigerian Export Promotion Council, the value of the nation’s non-oil exports has increased by an astounding 20.79 percent, to reach a total of $5.456 billion in 2024.
According to the report, the sum exceeded the $4.5 billion earned in 2023.
Speaking to the media on Friday in Abuja, Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council, revealed the numbers in the non-oil export sector’s 2024 performance report.
According to her, the notable expansion shows how resilient and diversified Nigeria’s export industry is beyond crude oil, a move meant to lessen the nation’s dependency on oil earnings.
She said the growth in solid minerals, manufacturing, and agriculture was the main driver of the increase in non-oil exports.
The expansion of agricultural exports, such as cashew nuts, sesame seeds, cocoa seeds, and cocoa butter, as well as an increase in the export of manufactured goods and urea, were the main drivers of the boom, she said.
She said, “Despite economic challenges and the global downturn, the Council, through collaborations with relevant agencies and institutions, has contributed to economic diversification, achieving an impressive non-oil export performance of $5.456bn in 2024. This represents a significant 20.79 per cent increase compared to the $4.517bn recorded in 2023.
“This achievement can be attributed to the active diversification of the economy through the non-oil sector, with a focus on promoting agriculture, solid minerals, and manufacturing.
“It also reflects the positive impact of the federal government’s efforts to enhance trade through effective fiscal and financial policy implementation.”
More details soon…
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