Data from the Central Bank of Nigeria (CBN) showed that Dangote Fertiliser, Robust International Commodities, Tulip Cocoa Processing, Valency Agro Nigeria and Outspan Nigeria collectively generated about $120 million, representing 29.51 per cent of the earnings recorded by the top 100 non-oil exporters during the month.
The figures underline the growing importance of agricultural commodities, agro-processing and industrial fertiliser to Nigeria’s foreign-exchange earnings as the country seeks to reduce its dependence on crude oil.
Non-Oil Export Earnings Rise
According to the CBN’s April 2026 Economic Report, Nigeria’s non-oil export earnings rose to $960 million in April, from $770 million in the previous month.
The increase was driven largely by higher international commodity prices and stronger receipts from products including cashew nuts and fertiliser.
Cashew nuts were the largest non-oil export product during the month, accounting for 21.25 per cent of earnings. Urea followed with 14.15 per cent, while cocoa beans contributed 10.46 per cent.
Other agricultural products accounted for 8.33 per cent, sesame seeds 5.56 per cent and cocoa products 4.92 per cent.
India was Nigeria’s largest destination among the top 10 non-oil export markets, accounting for 16.51 per cent, followed by Vietnam at 10.96 per cent, the United States at 8.71 per cent, China at 8.48 per cent and Germany at 5.88 per cent.
The concentration of export earnings among a handful of products and companies nevertheless highlights both the progress and limitations of Nigeria’s diversification drive.
Dangote Fertiliser Leads
Dangote Fertiliser recorded the largest share among the five companies, accounting for 14.15 per cent of the earnings of the CBN’s top 100 non-oil exporters.
Its performance reflects the increasing role of fertiliser in Nigeria’s export economy. Urea alone accounted for 14.15 per cent of total non-oil export earnings in April, making it the second-largest export product after cashew nuts.
The company’s growing export presence also comes as its business expands beyond Nigeria’s domestic agricultural market.
Bloomberg reported in January 2026 that Dangote Industries had appointed MTN Group Chief Executive Officer Ralph Mupita to the board of Dangote Fertiliser, amid expansion plans and consideration of a potential listing on the Nigerian Exchange.
The development highlights the scale of the fertiliser business and its growing importance within Nigeria’s industrial export base.
Agricultural Commodities Remain Central
Robust International Commodities ranked second among the five companies, contributing 5.16 per cent of the earnings generated by the top 100 exporters.
The company operates in agricultural commodity processing and trading, with products including cashew nuts, sesame seeds, rice, gum arabic, ginger and grains.
Its inclusion among the largest contributors demonstrates how agricultural commodities continue to provide a significant source of foreign exchange despite efforts to increase the share of manufactured exports.
Robust has also accessed Nigeria’s domestic capital markets to support its operations. Coronation Merchant Bank previously reported that the company repaid a N4.026 billion Series 1 commercial paper issued under its N20 billion programme.
Records from FMDQ Exchange show that the company subsequently issued additional commercial papers, including a N1.88 billion Series 6 issue in April 2023, a N1.25 billion Series 7 issue in May 2023 and a N2.56 billion Series 14 issue in December 2023.
Cocoa Processing Adds Value
Tulip Cocoa Processing ranked third among the five companies, contributing 4.03 per cent of the earnings of the CBN’s top 100 exporters.
The Ogun State-based company processes cocoa beans into cocoa liquor, cocoa butter and cocoa cake, allowing Nigeria to earn from processed cocoa products rather than relying solely on exports of raw beans.
Premium Times reported in 2025, citing the Nigerian Export Promotion Council, that Tulip had increased its cocoa-grinding capacity from 12,000 tonnes to more than 30,000 tonnes annually.
The expansion reflects the broader push to increase domestic processing and capture more value from Nigeria’s agricultural commodities before they are exported.
But cocoa processors face increasing scrutiny over the traceability of their supplies.
An Associated Press investigation published in 2023 identified Tulip among companies that purchased cocoa linked to farming in Nigeria’s protected Omo Forest Reserve. More recently, Nigerian exporters have been investing in farm mapping and traceability systems to meet European Union requirements governing commodities linked to deforestation.
The regulations are particularly important for exporters supplying European markets and could make detailed documentation of the origin of cocoa increasingly necessary.
Valency Expands Through Capital
Valency Agro Nigeria accounted for 3.17 per cent of earnings among the top 100 non-oil exporters.
The company exports commodities including cashew nuts, cocoa beans and sesame seeds and has also raised significant funding through Nigeria’s financial markets.
The PUNCH reported in November 2025 that Valency Agro had completed a N13 billion commercial-paper issuance under a N40 billion programme, with the offer reportedly 18 per cent oversubscribed.
The funds were expected to support expansion of processing capacity for commodities including cashew, soybean, cocoa and sesame, as well as improvements to supply-chain infrastructure.
The company's position in the CBN ranking suggests that access to capital is translating into greater capacity to participate in Nigeria’s export economy.
Outspan Rounds Out the Top Five
Outspan Nigeria accounted for 3.01 per cent of earnings among the CBN’s top 100 non-oil exporters, with cotton lint and sesame seed among the commodities associated with its export contribution.
Although the April CBN report provides limited operational details about the company, its inclusion among the five leading exporters further illustrates the importance of agricultural commodities to Nigeria’s non-oil trade.
Together, the five companies generated about $120 million in April, according to the CBN data.
Nigeria’s Export Footprint Expands
Their performance comes against the backdrop of a broader expansion in Nigeria’s non-oil export market.
The Nigerian Export Promotion Council said non-oil exports reached a record $6.1 billion in 2025, up 11.5 per cent from $5.46 billion in 2024.
The country exported 281 non-oil products to 120 countries during the year, according to the council.
Nigeria’s export footprint has also expanded significantly over the longer term. Data cited by The PUNCH showed non-oil exports rising from $2.97 billion in 2013 to $6.1 billion in 2025, while the number of export markets increased from 93 to 210.
The progress, however, has come alongside persistent infrastructure and logistics challenges.
A 2026 3T Impex Non-Oil Export Index Report cited by The PUNCH found that 77.7 per cent of surveyed exporters experienced increases in inland transportation and port-handling costs between 2021 and 2025.
For companies moving agricultural commodities from farms and processing plants to ports, those costs can significantly affect international competitiveness.
Government Seeks to Support Exporters
The Federal Government has sought to address some of these constraints through financing, infrastructure and market-access initiatives.
The 2026 Appropriation Bill reportedly allocated N881.13 million to capital projects of the Nigerian Export Promotion Council, covering areas including export infrastructure, certification, market access and value-chain development.
The government also announced a $1 billion AfCFTA Adjustment Fund Credit Facility aimed at supporting production, competitiveness and intra-African trade.
Minister of Industry, Trade and Investment Jumoke Oduwole has acknowledged continuing challenges involving export documentation, certification, standards and access to international markets.
The Manufacturers Association of Nigeria Export Group has also pointed to opportunities created by the African Continental Free Trade Area.
“New export frontiers have been created due to Nigeria’s participation in AfCFTA,” the group's Executive Secretary, Dr Ben Obhiosa, said.
Beyond Crude Oil
The performance of Dangote Fertiliser, Robust International Commodities, Tulip Cocoa Processing, Valency Agro Nigeria and Outspan Nigeria offers a snapshot of the changing structure of Nigeria’s non-oil economy.
Dangote Fertiliser represents the growing contribution of large-scale industrial production, while the other four companies demonstrate the continued strength of agricultural commodities and agro-processing.
Their combined $120 million contribution to the April earnings of the top 100 non-oil exporters is significant, but the larger opportunity lies in expanding the number of companies capable of reaching that scale.
Nigeria has demonstrated that it can generate substantial foreign exchange from products beyond crude oil. The next challenge is to make that growth broader and more sustainable by reducing logistics costs, expanding processing capacity, improving certification and traceability, strengthening infrastructure and opening more international markets to Nigerian producers.
If those constraints are addressed, the rise of fertiliser, cocoa, cashew, sesame and other value-added agricultural products could become more than a diversification story—it could form the foundation of a more resilient Nigerian export economy.