The Nigerian Export Promotion Council (NEPC) has announced that Nigeria’s trade volume in 2024 reached 7.2 metric tons, with a 20.7% increase in value, totaling $5.45 billion.
Dr. Nonye Ayeni, Executive Director of NEPC, disclosed this on Monday during the Ministry of Industry, Trade, and Investment’s retreat for the presentation of the 2025 roadmap in Abuja.
Ayeni highlighted a 20.7% growth in export value to $5.45 billion and expansion to 126 countries, signaling Nigeria’s export progress.
“In terms of value, we grew by 20.7% to $5.45 billion, and we are now represented in 126 countries. This is a clear indication that Nigeria is making significant progress,” she said
Ayeni emphasized that NEPC’s mandate remains to diversify Nigeria’s economy away from oil dependency by promoting non-oil exports.
“We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.
Export Capacity Expansion
She noted that the council conducted approximately 629 capacity-building programs in 2024, in collaboration with development organizations and agencies, to enhance the competitiveness of Nigerian exporters.
Ayeni further highlighted NEPC’s ongoing efforts to facilitate international market access for Nigerian goods.
“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters.
“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” she said.
- NEPC is also prioritizing the connection of Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters to provide training in various skill programs.
“Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” Ayeni stated.
What you should know
In the first quarter of 2024, Nigeria’s total exports were valued at N19.17 trillion, marking a 51% increase from the previous quarter.
- The primary export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.
- Nigeria recorded a trade surplus of N6.52 trillion in the same period, a notable recovery from the trade deficits observed in previous quarters.
- This surplus was driven by substantial export growth, particularly in the oil and gas sector, and indicates a strengthening of Nigeria’s trade balance.
France emerged as the top destination for Nigerian exports in Q1 2024, accounting for 11.09% of the total export value, followed by Spain (10.56%), the Netherlands (8.85%), India (8.41%), and the United States (6.84%). These countries primarily imported Nigeria’s crude oil and gas products, reflecting strong energy trade ties.
