Between January and October 2024, Nigeria earned $6.03 billion from non-oil exports, marking a 25.36% increase over the previous year’s $4.81 billion. While oil and gas exports still dominate, accounting for over 80% of foreign exchange earnings, non-oil exports have been steadily rising. Non-oil export receipts reached $1.87 billion in Q3 2024, up from $1.76 billion in Q2 and $1.77 billion in Q1. In October, the figure rose to $0.62 billion, from $0.52 billion the previous month.
Key destinations for these exports included Brazil, the Netherlands, and Malaysia, with major products including cocoa beans, urea, sesame seeds, and aluminium. Leading exporters were Indorama Eleme Fertilizer & Chemical Ltd. and Dangote Fertilizer Ltd., primarily exporting urea and fertilizers.
NBS Research Analysts at CSL attribute the increase in export earnings to the naira’s devaluation following the Central Bank’s forex market liberalization in June 2023, which boosted export values and made imports more expensive.
Despite the growing share of non-oil exports, crude oil still dominates, contributing 65.4% of total exports, with non-oil exports from agricultural, mineral, and manufactured goods sectors making up only 12.2% of total exports.
