NIGERIA RECORDS 21% GROWTH IN NON-OIL EXPORTS
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By: Balogun Ibrahim
Nigeria’s non-oil exports grew by 21 per cent to $12.8 billion in 2025, boosted by policy reforms implemented by the Federal Ministry of Industry, Trade and Investment.
According to a review by the Ministry, the growth was driven by improved export processes, targeted trade reforms, and increased value addition in key non-oil sectors, contributing to a wider expansion in trade activity and a 14 per cent rise in overall trade value.
The ministry highlighted these gains in its 2025 review of activities and 2026 priorities, a report evaluating Nigeria’s economic repositioning under the current administration.
“The year 2025 was a pivotal period in Nigeria’s economic repositioning under President Bola Ahmed Tinubu’s Renewed Hope Agenda, with the Federal Ministry of Industry, Trade and Investment (FMITI) implementing key reforms that strengthened industrial capacity, boosted exports, and restored investor confidence.
“Non-oil exports rose by 21 per cent, reaching $12.8 billion in the first half of 2025 almost double the $6.5 billion target and helped generate a N12 trillion trade surplus during the same period,” the ministry said.
The review noted that Nigeria’s top non-oil exports during the period included cocoa and cocoa products, sesame seeds, cashew nuts, shea butter, ginger, hibiscus, rubber, palm oil derivatives, fertilizers, cement and clinker, as well as liquefied natural gas.
Export capacity was further enhanced through collaboration with the Nigerian Export Promotion Council (NEPC), which trained 27,352 exporters, certified 200 MSMEs for international trade, and supported 3,047 farmers with hybrid seedlings.
The ministry also highlighted the Women Export Fund, which expanded access to trade finance for women-led businesses, receiving over 67,000 applications and awarding grants to 146 enterprises.
“Nigeria’s Special Economic Zones generated more than $500 million in export revenues and created over 20,000 direct jobs, underscoring their role as drivers of export-led growth, industrialisation, and employment through the Nigerian Export Processing Zones Authority (NEPZA) and the Oil and Gas Free Zones Authority (OGFZA),” the ministry added.
The review further noted that in 2025, the ministry made significant strides in attracting investment by adopting a systems-driven approach that enhanced project visibility, reduced information gaps, and improved the bankability of investment pipelines.
The ministry reported that its new investment approach delivered tangible results, with four priority projects valued at $13.7 billion reaching advanced stages a conversion rate of over 25 percent from $50.8 billion in signed Memoranda of Understanding.
According to the ministry, this marks a decisive turnaround in investment attraction, with strategic responses to global economic challenges and a clear message that Nigeria is open for business.
Through structured deal origination, the ministry developed a de-risked investment pipeline exceeding $5 billion across priority sectors. Using targeted roadshows, curated deal rooms, and coordinated investor engagement, the ministry successfully converted opportunities into bankable projects.
Non-oil exports also recorded significant growth in 2025, reaching ₦9.2 trillion in the first nine months, a 48% increase from the previous year driven in part by the naira devaluation, which made Nigerian goods more competitive internationally.
Key exports included cocoa, urea/fertilizer, and cashew nuts, with agricultural commodities dominating, although the country is gradually diversifying into semi-processed goods despite ongoing infrastructure and port challenges.
Key Figures & Trends (2025)
- Record Performance: ₦9.2 trillion in the first nine months, surpassing the ₦3.1 trillion total for 2023.
- H1 Growth: Up 19.6% to $3.25 billion in H1 2025 compared to H1 2024.
- Top Products (H1 2025): Cocoa beans (34.88%), Urea/Fertilizer (17.65%), Cashew Nuts (12.35%), Sesame Seeds (4.23%).
- Increased Diversification: 236 distinct products exported in H1 2025, up from 202 in H1 2024, showing a gradual shift beyond raw agricultural products.
Driving Factors
- Currency Reforms: The 2023 naira devaluation made Nigerian products cheaper and more attractive in global markets.
- Policy Support: Initiatives from agencies such as the Nigerian Export Promotion Council (NEPC) have further boosted exports.
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