Nigeria's Non-Oil Exports Surge 36% to N12.36trn as Oil Output Slides for Seventh Month
Nigeria's non-oil exports jumped to N12.36 trillion in 2025, up from N9.09 trillion in 2024, even as crude production missed OPEC quotas for seven consecutive months, highlighting the economy's shifting dynamics amid government reforms.
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Nigeria's non-oil exports climbed 36% year-on-year to N12.36 trillion in 2025, according to Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS), marking a significant shift in the country's export profile as crude oil production continues to decline.
The N12.36 trillion figure represents a sharp increase from N9.09 trillion recorded in 2024, according to the NBS data. The growth comes as Nigeria missed its OPEC production quota for a seventh consecutive month, according to Business Day, squandering opportunities to capitalize on elevated global oil prices.
Finance Minister Wale Edun told Channels Television on Wednesday that the Tinubu administration's economic reforms are beginning to stabilize the economy, with inflation declining and growth gradually improving. The government is advancing industrialization plans, with Trade and Investment Minister Jumoke Oduwole announcing a partnership with the Organized Private Sector to establish a manufacturing hub at the Lagos Trade Fair Complex, according to Daily Trust.
However, new inflationary pressures are emerging. Urea fertilizer prices surged 11% one week ahead of the planting season, driven by tensions involving Iran and the Middle East, Business Day reported. The price increase threatens to compound food inflation concerns in Africa's most populous nation.
The oil sector's persistent underperformance contrasts with government efforts to diversify revenue streams. Dangote Industries President Aliko Dangote told This Day that the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues issuing fuel import licenses despite his refinery's capacity to supply 75 million liters daily and meet domestic demand.
Infrastructure challenges persist across export corridors. Major shipping carriers are avoiding Gulf ports, jeopardizing Nigeria's $400 million export route, according to Business Day. The development threatens to undermine non-oil export gains as logistics bottlenecks constrain market access to regional trading partners.
Agora Policy, a Nigerian think-tank, is convening stakeholders Thursday to discuss sustaining and deepening the government's macroeconomic reforms, This Day reported. Plateau State signed a N4 billion agreement with Bank of Industry to support micro, small and medium enterprises, reflecting state-level efforts to complement federal economic initiatives.