Nigeria’s non-oil exports get boost with $100m

Nigeria’s non-oil exports get boost with $100m

Food Industrial Park Limited has signed a Memorandum of Understanding (MoU) with Best Engineering Technologies of India for the annual export of $100 million worth of essential oils. The agreement covers the supply of over 500 tons of oils derived from plants like lemongrass, basil, thyme, ginger, and turmeric, and is aimed at strengthening Nigeria’s non-oil export sector and agricultural value chain.

The initiative will involve cultivating 3,000 hectares of aromatic crops across Ogun, Oyo, and Kogi States, providing employment for 1,250 youths and women, each expected to earn over ₦1 million annually. Best Engineering Technologies will not only purchase the oils but also offer technical expertise and training.

Work has already started at key sites including Abeokuta, Tede, and Lokoja. According to Michael Anibi, CEO of Food Industrial Park Limited, the success of the venture is a result of collaboration among local farmers, processors, and professionals. Abisola Keke of Nardus Limited, a stakeholder, added that distillation equipment is expected by mid-year and that Nardus has already developed several products using essential oils, demonstrating strong potential for local value addition.