Agriculture Takes the Lead
Nigeria’s non-oil export sector has recorded a remarkable 20% surge, signaling a revival in trade diversification efforts. Latest data from the Nigerian Export Promotion Council (NEPC) reveals that agricultural products and value-added commodities like cocoa, urea, and cashew are at the forefront of this growth.
Agriculture Takes the Lead
Agricultural exports have always been a key contributor to Nigeria’s foreign exchange earnings outside the oil sector.
- Cocoa maintained its position as the top export earner, benefiting from rising global prices and increased demand from Europe and Asia.
- Cashew nuts followed closely, with improved processing facilities in states like Kogi and Oyo boosting quality and volume for international markets.
Urea – The Industrial Star
Beyond agriculture, urea – a nitrogen-based fertilizer – has emerged as one of Nigeria’s most in-demand non-oil exports. The country’s expanding petrochemical sector and investment in fertilizer production plants have placed Nigeria as a significant supplier in Africa and beyond.
Trade Diversification in Action
The 20% growth in non-oil exports is more than just a number; it reflects ongoing policy measures aimed at:
- Reducing overdependence on crude oil earnings.
- Expanding industrial processing to increase value addition.
- Strengthening Nigeria’s competitiveness in global agricultural and manufacturing markets.
Challenges Ahead
While the growth is promising, exporters still face challenges such as:
- Inconsistent power supply affecting manufacturing.
- High shipping costs and port congestion.
- Limited access to affordable financing for small-scale producers.
Economic Impact
If the current trend continues, Nigeria could see:
- Increased foreign exchange reserves.
- Stronger rural economies where crops like cocoa and cashew are grown.
- More jobs in processing and logistics.
Conclusion
Nigeria’s 20% surge in non-oil exports is a sign that diversification efforts are gaining ground. With continued investment in infrastructure, policy reforms, and export incentives, commodities like cocoa, urea, and cashew could become the pillars of a more resilient economy.
📌 Pro Tip for Exporters:
Exporters should take advantage of government-backed credit facilities and explore regional trade agreements under the African Continental Free Trade Area (AfCFTA) to expand their market reach.
