Quick Read: Nigeria’s trade volume reached 7.2 metric tons in 2024, with a 20.7% increase in export value totaling $5.45 billion. The Nigerian Export Promotion Council (NEPC) reported significant growth, expanding exports to 126 countries and achieving a trade surplus of N6.52 trillion. NEPC’s initiatives, including capacity-building programs and free international certifications, aim to strengthen non-oil exports and support MSMEs. Key export destinations included France, Spain, and the Netherlands, driven by crude oil and gas products.
The Nigerian Export Promotion Council (NEPC) has announced that Nigeria’s trade volume for 2024 reached 7.2 metric tons, marking a 20.7% increase in value and totaling $5.45 billion.
Dr. Nonye Ayeni, Executive Director of NEPC, shared this update on Monday during the Ministry of Industry, Trade, and Investment’s retreat for the presentation of the 2025 roadmap in Abuja.
Growth in Export Value and Market Expansion
Ayeni highlighted that Nigeria’s export value grew by 20.7% to $5.45 billion, with the country now exporting to 126 destinations worldwide.
“In terms of value, we grew by 20.7% to $5.45 billion, and we are now represented in 126 countries. This is a clear indication that Nigeria is making significant progress,” she stated.
She reaffirmed NEPC’s commitment to diversifying Nigeria’s economy by promoting non-oil exports.
Strengthening Export Capacity
To enhance the competitiveness of Nigerian exporters, NEPC conducted approximately 629 capacity-building programs in 2024 in collaboration with development organizations and agencies.
Ayeni emphasized the council’s ongoing efforts to facilitate international market access for Nigerian goods.
“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports while building the capacity of exporters,” she said.
Free International Certifications for Exporters
NEPC is also prioritizing support for exporters by offering free international certifications, enabling them to access niche markets globally.
“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” Ayeni added.
Additionally, NEPC is focusing on connecting Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters to provide training and mentorship.
“Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” Ayeni stated.
Key Export Trends in 2024
Significant Growth in Export Value
- In Q1 2024, Nigeria’s total exports were valued at N19.17 trillion, marking a 51% increase from the previous quarter.
- The top export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and premium-quality cocoa beans.
Trade Surplus Achieved
- Nigeria recorded a trade surplus of N6.52 trillion in Q1 2024, reversing previous trade deficits.
- This surplus was driven by strong export growth, particularly in the oil and gas sector.
Top Export Destinations
France emerged as the leading destination for Nigerian exports in Q1 2024, accounting for 11.09% of total export value. Other major importers included:
- Spain (10.56%)
- The Netherlands (8.85%)
- India (8.41%)
- The United States (6.84%)
These countries primarily imported Nigeria’s crude oil and gas products, highlighting strong energy trade ties.
Conclusion
With a remarkable 20.7% growth in export value and expanded global reach, Nigeria is strengthening its position in international trade. The NEPC’s continued efforts to boost non-oil exports, provide capacity-building programs, and facilitate international certifications will further enhance Nigeria’s trade competitiveness in the coming years.
