The Nigeria Customs Service (NCS) has revealed that Nigeria earned $1.9 billion from non-oil exports between January and November 2024.
The announcement highlights progress in the country’s economic diversification efforts.
The NCS shared this update via a tweet containing details from Nigeria’s non-oil export report for the period, posted on their official X (formerly Twitter) account on Sunday.
According to the report, a total of 27,595 containers were exported during the 11-month span, consisting of agricultural products, manufactured goods, solid minerals, and other items.
The report noted that the Free on Board (FOB) value of these exports amounted to $1,901,170,385.64, showcasing a steady rise in the contributions of non-oil sectors to Nigeria’s export revenues.
What you should know
The performance of Nigeria’s non-oil export sector from January to November 2024, generating $1.9 billion (FOB value: $1,901,170,385.64), reflects positive growth in line with broader trade trends.
Crude oil accounted for N13.41 trillion, marking a 57.06% rise from last year, but non-oil exports, particularly agricultural products, solid minerals, and manufactured goods, are playing an increasingly vital role in Nigeria’s export revenues.
- While the non-oil export sector shows growth, exporters raised concerns during the Ministerial Export Consultation organized by the Ministry of Industry, Trade, and Investment in November 2024. Issues discussed included rejections of agricultural products due to pesticide non-compliance, high port charges, and problems with the Nigeria Export Proceeds (NXP) form.
- Exporters also called for Nigeria to sign the Economic Partnership Agreement (EPA) to secure better access to European markets.
- Regulators such as the Nigerian Export Promotion Council (NEPC) and NEXIM Bank outlined plans to address these concerns, focusing on improving market access, funding, and export processes.
Minister Dr. Jumoke Oduwole pledged to create an action plan to resolve these challenges, preparing the sector for a transformative 2025.
“We will support you. We will serve you. And we will address these things,” she pledged.
“What gets measured, gets done. We will make an action plan that we’ll bring back to you with timelines. And I believe 2025 is going to be a great year.”
Comptroller General of Customs, Bashir Adewale Adeniyi, also emphasized efforts to streamline export processes, including automating ports and deploying scanners by 2025.
He acknowledged concerns about Nigeria Export Proceeds (NXP) issues and forex repatriation and stressed the importance of collaboration with the Central Bank of Nigeria (CBN) and regional cooperation under the African Continental Free Trade Agreement (AfCFTA).
