Tuesday, 29 April 2025 04:47

Nigeria's non-oil exports increased 25% to $1.79bn in Q1 2025 - NEPC

Rate this item
(0 votes)

Nigeria has achieved a significant milestone in its economic diversification efforts, with non-oil exports reaching $1.791 billion in the first quarter of 2025, according to the Nigerian Export Promotion Council (NEPC).

NEPC Executive Director Nonye Ayeni announced the figures on Monday in Abuja, highlighting a 24.75% increase compared to the $1.436 billion recorded in the same period of 2024. The export volume also saw a remarkable 243.44% growth, rising to 2.416 million metric tonnes from 1.937 million metric tonnes in Q1 2024.

"This year, the Nigerian Export Promotion Council reported the highest export value since its establishment 49 years ago, with a year-on-year increase of 20.77% from $4.517 billion in 2023 to $5.456 billion in 2024," Ayeni stated.

The range of exported products expanded to 197 distinct items, up from 162 in the previous year, spanning manufactured goods, semi-processed items, industrial extracts, and agricultural commodities. Cocoa and its derivatives dominated the export portfolio, accounting for 45.02% of total non-oil exports, followed by urea/fertilizer at 19.32% and cashew nuts at 5.81%.

Leading exporters included Indorama Eleme Fertiliser and Chemical Limited and Starlink Global & Ideal Limited, which contributed 12.07% and 10% of export value respectively, primarily through fertilizer and cocoa products.

Intra-African trade showed promising growth, with exports to ECOWAS member countries valued at $63.060 million—a substantial 223.10% increase from Q1 2024. Additionally, exports to other African nations amounted to $32.732 million.

Ayeni attributed these positive results to NEPC initiatives such as the 'Double Your Exports' campaign and emphasized the potential of the African Continental Free Trade Area (AfCFTA) to further boost regional trade.

"The council, working with our supervising ministry and other stakeholders, remains committed to continuing this trajectory by providing support to the exporting community in areas of capacity building, standardization, and enhancing market access," Ayeni concluded.​​​​​​​​​​​​​​​​

May 30, 2025

Nigeria's $3bn fashion drain: How import dependence undermines local textile industry

Nigeria's fashion sector is hemorrhaging billions of dollars annually due to overwhelming reliance on imported…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 01, 2025

Her daughter was taken and sent abroad - 44 years later, they found each other

The last memory Han Tae-soon has of her daughter as a child is in May…
May 31, 2025

Tools made of whale bones reveal inventiveness of prehistoric people

Artifacts found at archeological sites in France and Spain along the Bay of Biscay shoreline…
June 02, 2025

Boko Haram IED blast kills 9 in Borno, gunmen abduct bus passengers in Benue

Nigeria witnessed two separate but deadly attacks over the weekend, underscoring the persistent insecurity plaguing…
June 02, 2025

What to know after Day 1194 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine step up the war on eve of peace talks On…
June 02, 2025

Opportunities and challenges unveiled: How AI revolutionizes education and mental health support

Terence Ma Tin Shu Play time helps both kids and adults in prevention and healing…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.