Non-Oil Exports Near Oil Revenues as Nigeria’s New FX Source — NOA
The National Orientation Agency (NOA)has identified non-oil exports as Nigeria’s emerging source of foreign exchange (FX), noting that recent trade data shows the sector is rapidly closing in on crude oil revenues.
In an editorial published in The Explainer, NOA observed that foreign earnings from oil and gas have been “less than impressive” over the past decade, while non-oil exports are recording unprecedented growth.
According to figures from the Nigerian Export Promotion Council (NEPC), Nigeria exported non-oil products worth $3.22 billion in the first half of 2025. The National Bureau of Statistics (NBS) also reported a positive trade balance of N5.17 trillion in the first quarter of 2025, showing exports exceeded imports.
Crude oil, traditionally Nigeria’s dominant export, generated $3.47 billion in H1 2025 — only marginally higher than non-oil exports. NOA noted that the $3.22 billion non-oil revenue, largely from agricultural and manufactured goods, “almost upstaged the oil sector” in the same period — a milestone not seen in decades.
“This implies that non-oil export earnings nearly matched crude oil accruals in the first half of 2025, an unprecedented record in Nigeria’s recent history,” NOA said.
The agency added that the development mirrors the success of ongoing tax reforms, which have significantly boosted government revenue and reduced dependence on oil.
A breakdown of NEPC’s data showed that the non-oil export receipts came from 4.04 million metric tonnes of products, representing a 19.6 percent increase from the $2.69 billion earned from 3.83 million metric tonnes in the same period of 2024.
NOA described the surge in non-oil exports as one of the “remarkable breakthroughs” of President Bola Ahmed Tinubu’s administration in diversifying Nigeria’s economy.
