Non-oil exports emerging as Nigeria’s new source of FX – NOA

Non-oil exports emerging as Nigeria’s new source of FX – NOA

 Nigeria’s non-oil exports are rapidly emerging as a major source of foreign currency, nearly matching crude oil earnings for the first time in decades, according to the National Orientation Agency (NOA). The agency highlighted that the country’s heavy dependence on crude oil is shifting, as the oil and gas sector has struggled over the past ten years with underwhelming earnings.

In the first half of 2025, Nigeria earned $3.22 billion from non-oil exports, closely approaching the $3.47 billion earned from crude oil sales during the same period. These statistics, reported by the Nigerian Export Promotion Council (NEPC), reflect a significant increase from the first half of 2024, when non-oil exports were valued at $2.69 billion. The 2025 figures represent a 19.59% growth in value and encompass 4.04 million metric tonnes of products, mainly agricultural goods and manufactured items.

The NOA described this shift as an “unprecedented record in decades,” positioning non-oil exports as a key driver of Nigeria’s foreign exchange. The agency also linked the export growth to broader economic improvements under President Bola Tinubu’s administration, including tax reforms that have boosted government revenue. Overall, the development marks a notable economic breakthrough, suggesting Nigeria is diversifying its income sources beyond crude oil.