Nigeria’s push to reduce its dependence on crude oil is gaining momentum, with five companies generating about $120m from non-oil exports in April 2026. According to the Central Bank of Nigeria’s April Economic Report, Dangote Fertiliser, Robust International Commodities, Tulip Cocoa Processing, Valency Agro Nigeria and Outspan Nigeria accounted for 29.51 per cent of the earnings recorded by the country’s top 100 non-oil exporters, highlighting the growing role of agriculture, agro-processing and industrial production in Nigeria’s foreign exchange earnings.
The CBN report showed that Nigeria’s total non-oil export earnings climbed to $960m in April, up from $770m previously, with stronger receipts from commodities such as cashew nuts and fertiliser contributing to the increase. Cashew nuts remained the biggest non-oil export, accounting for 21.25 per cent of earnings, followed by urea at 14.15 per cent and cocoa beans at 10.46 per cent. India was Nigeria’s largest destination among the top 10 markets, accounting for 16.51 per cent, followed by Vietnam, the United States, China and Germany.
Dangote Fertiliser led the five companies, contributing 14.15 per cent of the earnings of the top 100 exporters. Its performance reflects the growing importance of fertiliser in Nigeria’s export basket, particularly as urea emerged as the second-largest non-oil export product in April. Robust International Commodities followed with 5.16 per cent, driven by commodities including cashew nuts and sesame seeds, while Tulip Cocoa Processing contributed 4.03 per cent through exports of cocoa cake and cocoa butter. Valency Agro Nigeria and Outspan Nigeria accounted for 3.17 per cent and 3.01 per cent respectively.
The strong showing by the five firms comes against the backdrop of Nigeria’s broader non-oil export expansion. The Nigerian Export Promotion Council said non-oil exports reached a record $6.1bn in 2025, representing an 11.5 per cent increase from $5.46bn in 2024. Nigerian exporters also shipped 281 non-oil products to 120 countries during the year, signalling a wider international market for products ranging from agricultural commodities to processed goods. However, exporters continue to face challenges, including high transportation and port-handling costs, certification requirements, logistics bottlenecks and difficulties accessing international markets.
The latest figures underline a major shift in Nigeria’s trade story: agriculture and manufacturing are becoming increasingly important sources of foreign exchange beyond crude oil. While the five companies demonstrate that Nigerian businesses can compete and earn significant revenue in international markets, sustaining that momentum will depend on expanding local processing, improving export infrastructure, reducing logistics costs and making it easier for more businesses to meet global standards. If those challenges are addressed, Nigeria’s growing non-oil export sector could become an even stronger pillar of the country’s economy.
source: punch
