Nigeria’s non-oil export sector has witnessed a remarkable boom, with earnings soaring to N4.8 trillion in the first half of 2025, a staggering 391% increase from N977 billion in the same period of 2021, according to data from the National Bureau of Statistics (NBS) and the Nigerian Export Promotion Council (NEPC). While this growth signals a successful push toward economic diversification under President Bola Tinubu’s “Renewed Hope Agenda,” local industry players are raising concerns that the benefits are largely bypassing Nigerian operators in favor of foreign competitors, particularly from Asian countries such as India, China, Lebanon, and Vietnam.
The NEPC, tasked with driving non-oil export growth, has hailed the surge as evidence of effective government policies. Nonye Ayeni, NEPC’s Director General, emphasized the agency’s commitment to sustaining this momentum. “We are seeing the positive impact of the President’s reforms. Our focus is on collaborating with the Ministry of Trade and Industry and key stakeholders to provide incentives that boost exports,” Ayeni stated.
However, industry insiders argue that the impressive figures mask underlying challenges. Local operators are struggling to compete due to the dominance of foreign businesses, which employ strategies that limit Nigeria’s economic gains. Stakeholders have pointed to the prevalence of non-value-added exports and trade practices that undermine the country’s interests. Additionally, the National Cashew Association of Nigeria (NCAN) has highlighted significant barriers, including limited access to capital and administrative bottlenecks, which continue to stifle the sector’s potential for inclusive growth.
As Nigeria pushes to reduce its reliance on oil, the non-oil export boom presents a critical opportunity. Yet, without addressing these challenges, local investors risk being sidelined in a sector poised for transformative impact.
