Nigeria’s non-oil exporters are changing tactics by adding value to their products, pushing their earnings to a five-year high in 2025.
Apart from value-addition, there is an also increase in demand for some of the nation’s products such as cocoa, shoes and other food products in various parts of the world.
A half-year analysis of the non-oil export earnings in the last five years shows that players earned $3.23 billion between January and June this year, from $1.59 billion in 2021.
According to BusinessDay’s analysis from the Nigerian Export Promotion Council (NEPC) data, non-oil exporters earned $2.6 billion in 2022, $2.52 billion in 2023, $2.69 billion in 2024 and $3.23 billion in 2025.
Monday Abule, an exporter, attributed the rise in earnings to the increased drive among exporters to add value to their products.
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“As an exporter, I can tell you that there has been an increased drive among exporters to add value before exporting,” he said.
“If you add value, you earn more. A raw cashew can earn you just $15, but a value-added cashew can bring you an income of $40 from Europe or the Americas.”
He further explained that nutritious foods and drinks from Nigerians are in high demand among the African diaspora in Europe, the Americas and Asia.
In 2025, Nigeria’s non-oil exports stood at $3.225 billion, marking a 19.59 percent increase compared to the $2.696 billion posted in the same period of 2024.
Nonye Ayeni, executive director/CEO of the NEPC, noted that export volumes also rose to 4.04 million metric tonnes, up from 3.83 million metric tonnes recorded in the corresponding period of 2024.
“The volume also increased to 4.04 million Metric tonnes compared to the 3,83 million Metric tonnes for the same period of 2024,” Ayeni said
Ayeni explained that more exporters are now adding value to their products, boosting earnings and expanding into emerging markets like India, Brazil, Vietnam, and other African countries.
She further attributed the increase in export earnings to a surge in global demand for Nigerian products, increased market access through the African Continental Free Trade Area (AfCFTA), and targeted NEPC-led export interventions such as capacity building, packaging and labelling improvements, export documentation support, and market linkage programmes.
She noted that processed cocoa products, including cocoa butter, liquor, and cake, are now a significant part of Nigeria’s exports, reflecting the country’s progress in value-addition.
Cocoa leads the pack
Cocoa and its derivatives dominated non-oil exports in 2025, accounting for 41.11 percent of the total export value, according to data from pre-shipment inspection agents (PIAs) released by the NEPC.
In the H1 of 2024, non-oil exports stood at $2.7 billion, with cocoa beans accounting for 23.18 percent of the total export value, followed by urea/fertilizer at 13.78 percent and sesame seeds at 11.04 percent.
In H1 2023, non-oil export earnings stood at $2.52 billion, with cocoa and urea also topping the list.
Nigeria’s cocoa is exported to Europe, the Americas and Asia and is used for the manufacture of confectionery, cosmetics as well as hair care and skin care products.
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Trade data
Nigeria’s foreign trade in the H1 of 2025 stood at a surplus of N5.17 trillion, the highest in almost two years. This came as imports softened and non-oil exports gained fresh momentum.
Figures released by the NBS in June 2025 showed that total trade stood at N36.02 trillion, representing a 6.2 percent rise year-on-year, though marginally down from the previous quarter.
Of the amount, exports accounted for N20.6 trillion, a 2.9 percent increase from Q4 2024, while imports dipped by seven percent to N15.4 trillion.
While crude oil remained the bulk source of Nigeria’s export earnings, contributing over 62 percent of total exports at N12.96 trillion, its value slipped by more than N800 billion compared to the last quarter (Q4) of 2024.
That decline was offset in part by the steady rise of non-oil exports, which climbed to N3.17 trillion, accounting for more than 15 percent of total exports, the highest share in over a year.
Agricultural exports posted one of the strongest performances in the period, growing nearly 65 percent from a year earlier to hit N1.7 trillion. Cocoa beans, both standard and superior grades, dominated the list, followed by cashew nuts, sesame seeds, and natural cocoa butter.
In contrast to crude, products such as urea, liquefied natural gas and cocoa-based products rose in export value in favour of the government’s ongoing push for export diversification.
Much of the produce made its way to European and Asian markets, with the Netherlands, Belgium, India, and Vietnam among the top buyers.
Export barriers
Nigeria’s exporters are however confronted by infrastructure deficit, near absence of cheap loans, high cost of raw materials, among others.
Peter Olowononi, director of Client Relations for Anglophone West Africa at the African Export-Import Bank (Afreximbank), said recently in Abuja that while Nigerian manufacturers are ramping up production capacity, the absence of critical infrastructure continues to stifle export prospects.
“Investors are already committed in terms of productive capacity. But moving goods from factory gates to ports or final buyers remains a major challenge, whether by road, rail, sea, or air. It’s not just hard infrastructure. Even soft infrastructure, like product testing and quality assurance, is missing in many areas,” Olowononi said.
Ashish Khamka, chief financial officer at Lagos Free Zone (Tolaram Group), emphasised the need for better coordination among regulatory agencies.
“We often have multiple agencies conducting inspections independently. A joint inspection board could streamline oversight and reduce inefficiencies,” he said.
He added that such collaborative models have driven export success in markets like India and Ghana.
Read also: Nigeria’s trade surplus widens as non-oil exports rise, imports cool
Sheriff Balogun, president of the Nigerian-American Chamber of Commerce, stressed the urgent need for trade intelligence systems powered by artificial intelligence to identify viable export markets and guide product development.
“Before processing a product for export, businesses must understand where the demand lies. AI-powered trade intelligence tools can help match products with viable markets.
“Market access is not just about knowing general information; it’s about harvesting data to derive actionable insights for specific products. The Ministry of Industry, Trade and Investment must lead in establishing a national trade intelligence facility,” Balogun further said.
He recounted a recent case where a processor of sesame seed oil was unable to sell his products due to lack of market research.
“We advocate processing instead of exporting raw products, but you must first identify where the demand is, what the market needs, and then support producers accordingly,” he noted.
Balogun also warned against policies that penalise exporters engaged in value addition.
“We should be incentivising, not punishing them. Processing can yield more returns than raw exports, but only if it’s guided by real-time market intelligence and supportive legislation.”
