Nigeria’s Non-Oil Exports Surge Nearly 20% in H1 2025 Driven by Cocoa and Urea Demand

Nigeria’s non-oil exports rose by 19.6% to $3.225 billion in the first half of 2025, compared to $2.7 billion during the same period in 2024. This growth comes amid challenges in the Nigerian economy, largely due to its dependence on oil revenues. The increase was driven primarily by strong global demand for cocoa and urea, key export commodities.

Nonye Ayeni, CEO of the Nigerian Export Promotion Council (NEPC), attributed the export growth to higher prices, increased local processing capacities, and government trade initiatives. The volume of non-oil exports also climbed to 4.04 million metric tons from 3.83 million metric tons in H1 2024, highlighting an overall rise in export activity.

Cocoa beans, urea fertilizer, and cashew nuts dominated the export landscape, with cocoa alone making up about 35% of total export value. The African Continental Free Trade Area (AfCFTA) agreement further enhanced Nigeria’s export prospects by offering tariff relief and expanded market access across Africa.

Government efforts, including training programs for exporters to meet international standards, supported this positive trend. Indorama Eleme Fertilizer Ltd., Starlink Global, and Dangote Fertilizer Ltd. emerged as leading exporters during the period.

Nigeria continues its strategic push to diversify the economy away from oil, which still accounts for roughly two-thirds of government revenue and 80% of foreign currency earnings. Key export destinations for Nigerian non-oil products include the Netherlands, United States, and India, with the Netherlands importing nearly 19% of total exports.

Source: Vanguard