Non-Oil Exports Rival Oil as Nigeria’s New FX Engine – NOA

Nigeria’s non-oil exports are rapidly emerging as a major source of foreign exchange, generating nearly as much as crude oil revenues for the first time in decades, according to the National Orientation Agency (NOA).

The agency, in an editorial for The Explainer, noted that the country’s long-standing dependence on crude oil is giving way to a new reality in which agricultural and manufactured products are playing an increasingly vital role.

Official figures from the Nigerian Export Promotion Council (NEPC) show that in the first half of 2025, non-oil exports earned $3.22 billion, just shy of the $3.47 billion generated from crude oil sales during the same period. This marks a significant leap from 2024, when non-oil exports were valued at $2.69 billion.

In volume terms, the country exported 4.04 million metric tonnes of non-oil products in the first six months of 2025, compared to 3.83 million metric tonnes a year earlier — representing a 19.59 percent increase in value.

 NOA said the non-oil export sector seems to have been well positioned as Nigeria’s new source of foreign exchange, describing the performance as an “unprecedented record in decades.”

The growth has been driven largely by agricultural produce and manufactured goods, reflecting a diversification push that many policymakers have long called for.

The NOA linked this progress to broader economic reforms under President Bola Tinubu’s administration, including recent tax measures that have raised government revenues. It described the twin gains of stronger exports and fiscal expansion as “remarkable breakthroughs.”

Follows Us

 Join our Whatsapp channel @Jimba Media