The Nigeria Customs Service (NCS) has announced that the country earned $1.9 billion from non-oil exports between January and November 2024, marking significant progress in Nigeria’s economic diversification efforts.
The update, shared on the NCS official X (formerly Twitter) account, provided insights into the performance of Nigeria’s non-oil export sector during this period. According to the report, 27,595 containers of goods were exported, including agricultural products, manufactured goods, solid minerals, and other items. The Free on Board (FOB) value of these exports totaled $1,901,170,385.64, underscoring the increasing importance of non-oil sectors in Nigeria’s export revenue streams.
Economic Context and Trade Performance
The report reflects a broader trend in Nigeria’s trade activities. The National Bureau of Statistics (NBS) reported a trade surplus of N5.81 trillion in Q3 2024, with crude oil remaining the dominant contributor. Crude oil exports reached N13.41 trillion, a 57.06% year-on-year increase. However, the non-oil sector continues to gain traction, with agricultural products, solid minerals, and manufactured goods playing a vital role in export revenues.
Challenges and Stakeholder Concerns
Despite this growth, exporters have raised concerns over challenges facing the non-oil export sector. During the Ministerial Export Consultation held in November 2024, stakeholders highlighted issues such as:
• Frequent rejections of agricultural products due to pesticide non-compliance.
• High port charges and inefficiencies.
• Challenges with the Nigeria Export Proceeds (NXP) form and forex repatriation.
• Limited access to European markets, with calls for Nigeria to sign the Economic Partnership Agreement (EPA).
Regulators, including the Nigerian Export Promotion Council (NEPC) and NEXIM Bank, have pledged to address these challenges by improving market access, funding, and export processes.
Commitments for 2025
Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, promised a comprehensive action plan to address the sector’s concerns, ensuring its readiness for a transformative year in 2025.
“We will support you, serve you, and tackle these issues,” Dr. Oduwole assured. “What gets measured, gets done. We will create an actionable plan with clear timelines. I believe 2025 will be a remarkable year.”
Comptroller General of Customs Bashir Adewale Adeniyi also outlined efforts to streamline export processes, including automating ports and deploying scanners by 2025. He emphasized collaboration with the Central Bank of Nigeria (CBN) and leveraging the African Continental Free Trade Agreement (AfCFTA) to address forex and NXP-related challenges.
Looking Ahead
The $1.9 billion generated from non-oil exports signals a promising shift in Nigeria’s economic diversification agenda. With stakeholders committed to resolving existing bottlenecks, the non-oil export sector is poised for continued growth and stronger contributions to Nigeria’s economy in the coming years.
