Business News
Nigeria Non-Oil Exports In Q1-2025 Rise To $1.79 Billion
According to the Nigerian Export Promotion Council, Nigeria’s non-oil export sector continued its growth trajectory in Q1 2025, recording a 24.8% increase compared to the same period in 2024. Between January and March 2025, Nigeria’s non-oil exports topped $1.791 billion, up from US$1.436 billion in Q1 2024.
Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), announced these figures during a press briefing in Abuja to present the Q1 Non-Oil Export Performance Report 2025.
Key Highlights from NEPC Report: Nigeria’s Non-Oil Exports in Q1 2025
During the press briefing, Ms Nonye Ayeni highlighted some key developments in Nigeria’s non-oil export performance for Q1 2025.
Q1-2025 Export Revenues
- Current year (Q1 2025): Nigeria’s non-oil exports reached $1.79 billion
- Previous year (Q1 2024): Non-oil exports stood at roughly $1.43 billion
- Growth rate: 24.75% year-on-year
Q1 Products
- Export Volume Growth: Non-oil exports reached 2.416 million metric tonnes in Q1 2025, representing a 243.44% rise compared to 1.937 million metric tonnes in Q1 2024
- Product Diversification: Nigeria exported over 197 distinct products in Q1 2025, up from 162 products in Q1 2024
- Top Exported Products:
- Cocoa and its derivatives (including cocoa butter, liquor, and cake): Accounting for 45.02% of total shipments
- Urea/Fertiliser: 19.32%
- Cashew Nuts: 5.81%
- Others: Sesame Seeds, Gold Dore, Aluminium Ingots, Copper Ingots, Soybeans/meal, and Rubber.
| Products | Contribution (%) | Key Regions | Description | Top Export Destinations |
| Cocoa & its derivatives | 45 | South West (Ogun, Ondo, Ekiti) | Nigeria is one of the world’s largest cocoa producers. The cocoa sector is booming due to high global demand | Europe and the United States |
| Urea/Fertilizer | 19.32 | South-South (Rivers, Delta) | Urea, primarily used in agricultural fertilizers, has become one of Nigeria’s key non- oil export product due to its high demand in global markets | Europe, Asia, and Africa |
| Cashew Nuts | 5.81 | South West (Ogun, Ondo), South East (Anambra) | Cashew exports continue to surge to high demand of raw cashew nuts for processing into snack food and cooking ingredients worldwide. | India, Vietnam, and the United States |
Leading Exporting Companies:
- Indorama Eleme Fertiliser and Chemical Limited: A key fertilizer exporter. Maintained its top position with 12.07% of total exports.
- Starlink Global & Ideal Limited: 10.00%, attributed to their substantial export volumes of cocoa products
| Products | Contribution (%) | Industry | Products | Significance |
| Indorama Eleme Fertilizer and Chemical Limited | 12.07 | Fertilizer production | Primarily urea, which is one of Nigeria’s top non-oil export products | Indorama is a key player in Nigeria’s fertilizer sector, contributing to agricultural development and export growth |
| Starlink Global & Ideal Limited | 10 | Cocoa and agricultural products | Cocoa, cocoa butter, and other cocoa derivatives. | Starlink plays a major role in Nigeria’s cocoa export market, which is one of the country’s largest non-oil export sectors |
Regional Export Growth
Exports to 10 ECOWAS countries rose sharply, reaching $63.06 million, a 223.1% rise from $19.517 million in Q1 2024.
Exports to other African countries contributed an additional $32.73 million. This shows that Nigeria is increasingly taking advantage of the African Continental Free Trade Area (AfCFTA) to export to the broader African markets.
Non-Oil Export Declarations and Banking Participation Q1
- During the first quarter, over 485 non-oil export declarations (NXPs) were processed by 28 banks.
- Key banks led the transactions, including Zenith Bank Plc (30.7%), First Bank of Nigeria Plc (14.22%), and Guaranty Trust Bank Plc (8.89%).
Export Channels and Destinations
Lagos ports served as major gateways for 95% of Nigeria’s non-oil exports in Q1 2025.
In total, six seaports, three international airports and seven land borders served as exit points for Nigeria’s non-oil exports.
Nigerian goods went to Africa, the Americas, Asia, Europe, and Oceania, with the Netherlands, Belgium, and Brazil as the top destinations.
| Rank | Country | Region | Key Exported Products |
| 1 | Netherlands | Europe | Cocoa, cashew, sesame |
| 2 | Belgium | Europe | Cocoa derivatives, sesame |
| 3 | Brazil | South America | Urea/fertilizer |