At the Ministry of Industry, Trade, and Investment's 2025 roadmap presentation retreat in Abuja on Monday, Dr. Nonye Ayeni, Executive Director of NEPC, announced a substantial increase in Nigerian export performance.
Dr. Ayeni emphasized a 20.7% surge in export value, reaching $5.45 billion, and an expansion into 126 countries, signifying considerable progress in Nigeria's export sector. She stated that this growth clearly demonstrates Nigeria's significant export advancements.
Ayeni highlighted that the Nigerian Export Promotion Council (NEPC) aims to diminish Nigeria's dependence on oil revenues by significantly increasing non-oil exports.
She further stated the council's commitment to collaborating with exporters, fostering improvements in their agricultural practices, and ensuring the fulfillment of the NEPC's mandate.
On the topic of expanding export capacity, she mentioned that the council held around 629 capacity-building programs in 2024, partnering with various development organizations and agencies to boost the competitiveness of Nigerian exporters.
Ayeni also emphasized NEPC's continuous efforts to help Nigerian goods gain access to international markets.
“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters.
“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” she said.
NEPC is focusing on linking Micro, Small, and Medium Enterprises (MSMEs) with seasoned exporters to facilitate training in various skill development programs. Ayeni emphasized that "Our dedication to these initiatives will play a crucial role in enhancing the volume and value of Nigeria’s non-oil exports."
Key Information
In the first quarter of 2024, Nigeria's total exports reached N19.17 trillion, representing a 51% increase compared to the previous quarter.
The main export products included crude oil, liquefied natural gas, sesame seeds, urea, and high-quality cocoa beans.
During the same period, Nigeria achieved a trade surplus of N6.52 trillion, marking a significant recovery from the trade deficits seen in earlier quarters.
This surplus was fueled by robust export growth, especially in the oil and gas sector, indicating an improvement in Nigeria’s trade balance.
France was the leading destination for Nigerian exports in Q1 2024, making up 11.09% of the total export value, followed by Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). These nations primarily imported Nigeria’s crude oil and gas products, highlighting strong energy trade relationships.