Amid Trade Tariff Tension, FG Grows Non-Oil Exports Earnings By 25% To $1.79bn

… Netherlands, Belgium, Brazil Emerge Top Three Non-Oil Export Destinations From Nigeria

Despite the trade tension which has affected exports of products globally, Nigeria’s non-oil products exported in the first quarter of 2025 rose by 24.75 per cent to $1.791bn, figures released by the Nigerian Export Promotion Council have revealed.

The Executive Director/Chief Executive of the Nigerian Export Promotion Council, Nonye Ayeni who gave the figures during a media briefing on Monday, stated that it represents a 24.75 per cent increase over the $1.436bn reported in the First Quarter of 2024.

According to her, the volume also increased to 2.416 million metric tonnes which is an increase of 243.44 per cent from the 1.937 million Metric Tons recorded in the first quarter of 2024.

On the products exported in the first quarter of the year 2025, she said a total of 197 distinct products were exported, noting that the figure reflects an increase when compared to the 162 products recorded in the first quarter of 2024.

These products, Nonye added, ranged from manufactured and semi-processed goods to industrial extracts, and agricultural commodities, amongst others.

She said, “Based on information received from Pre-shipment Inspection Agents (PIAs), of the top-20 products exported in the first quarter of 2025, Cocoa and its derivatives including cocoa butter, cocoa liquor, cocoa cake came first, followed by Urea, Cashew Nut, Sesame Seed, Gold Dore, Cocoa Butter, Aluminium Ingots, Copper Ingot, Soya Beans/meal, Rubber were the top of the list.

“The top commodity in terms of total non-oil export, accounting for 45.02 per cent was Cocoa Beans. Urea/Fertilizer held the second position at 19.32 per cent while Cashew Nuts came third with 5.81 per cent of the total exported products.”

For export performing companies during the period, Ayeni said of the top 20 leading export companies, Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited maintained their position as the first and second with 12.07 per cent and 10.00 per cent, respectively. This, he added, is attributed to their notable export values of fertilizer and Cocoa products.

She added, “Ten member countries of ECOWAS actively engaged in importing Nigerian products throughout the first quarter of the year 2025.

“These exports, totaling 362,126.92 Metric Tons and amounting to $63.06m, constituted 3.52 per cent of the total export value and also a significant increase of 223.10 per cent when compared to the recorded figure of $19.517m for the first quarter of the year 2024.

“Nigeria also exported to other African countries in the first quarter of 2025. The value of these exports, totaling 281,480.29 Metric Tons valued $32.732m, represented 1.83 per cent of the total export value.

“These are evidence to show that the non-oil export is increasing and all stakeholders are taking advantage of the potential and opportunities inherent in the sector.

“It also lends credence to the fact that AFCFTA holds the key to intra-African trade as it promises to be the largest free trade area in the world, both by area and by the number of countries, connecting the 55 countries in Africa with 1.3 million people. the Council, working with various stakeholders and the Federal Ministry of industry, Trade and Investment, is working very hard to ensure that Nigeria becomes a hub and takes its position as the Giant of Africa.”

In the First Quarter of the year 2025, she added that a total of 485 NXPs were processed involving 28 banks.

Zenith Bank Plc maintained its leading position, contributing 30.71 per cent to the total number of NXPs for non-oil export. First Bank of Nigeria Plc secured the second position with 14.22 per cent, while Guaranty Trust Bank Plc came third, contributing 8.89 per cent to the overall NXP transactions respectively.

The NEPC Boss said 16 exit points were used in the period under review to export non-oil products from Nigeria, noting that approximately 95 per cent of the total non-oil exports were routed through seaports.

In total, six seaports, three international airports and seven land borders served as exit points for Nigeria’s non-oil exports.

The Netherlands, Belgium, and Brazil emerged as the top three countries in terms of the export values of non-oil products from Nigeria.

Amid Trade Tariff Tension, FG Grows Non-Oil Exports Earnings By 25% To $1.79bn is first published on The Whistler Newspaper