Nigeria’s foreign exchange inflows are receiving a significant boost as the country intensifies its shift away from oil dependence, with recent data highlighting a dramatic rise in non-oil exports and foreign currency remittances.
According to the Nigerian Export Promotion Council (NEPC), non-oil export earnings reached $5.46 billion in 2024—a 20.8% increase from the previous year’s $4.5 billion. NEPC Executive Director, Nonye Ayeni, attributed the growth to the robust performance of sectors such as agriculture, solid minerals, and manufacturing.
“This growth underlines Nigeria’s commitment to economic diversification and the effective implementation of fiscal and trade policies aimed at reducing reliance on crude oil,” Ayeni said.
Among the top-performing exports were agricultural products including cocoa seeds, sesame seeds, cashew nuts, and cocoa butter, alongside rising volumes of urea and manufactured goods.
Further signaling progress, the Nigerian Customs Service’s Lilypond Export Command reported a 318% year-on-year increase in export values for Q1 2025. Controller Ajibola Odusanya stated that goods worth $986 million were processed during the first quarter, a significant leap from $236 million recorded in the same period of 2024.
“Agricultural exports alone accounted for $596 million of the total, followed by $329 million in manufactured goods and $50 million in solid minerals,” Odusanya explained, noting a corresponding surge in container traffic from 5,891 to 11,459 units.
This export surge comes amid collaborative efforts by key institutions, including the Central Bank of Nigeria (CBN), NEPC, Customs, and the Small and Medium Enterprises Development Agency of Nigeria. These bodies have been working to boost the competitiveness of Nigerian businesses through capacity building, access to finance, and policy support.
The CBN, under Governor Olayemi Cardoso, has played a critical role in enhancing forex inflows through targeted reforms. The apex bank is actively promoting adherence to international product standards, while also fostering diaspora engagement and expanding the scope of International Money Transfer Operators (IMTOs).
In an effort to stabilize the forex market, the CBN has implemented a market-driven exchange rate policy based on a willing buyer-willing seller framework. It has also taken steps to streamline forex access for businesses and provide timely naira liquidity for IMTOs.
Annual diaspora remittances, currently estimated at $23 billion, continue to represent a vital source of foreign exchange. The CBN is aiming to double formal remittance inflows by enhancing public confidence and introducing tailored financial products for Nigerians abroad.
Charlie Bird, Director of Trading at Verto, praised the central bank’s reforms during a recent Cordros Asset Management seminar. “Improved dollar liquidity has restored investor confidence, and Nigeria is becoming increasingly attractive to foreign stakeholders,” he said.
With these developments, Nigeria appears to be making real headway in reshaping its economic landscape, supporting business growth, and reducing its vulnerability to oil price volatility through a broad-based export strategy and sustainable forex policies.
