…rises by 37% to $8.58bn
Earnings from the export of non-oil products, between January 2024 and February this year, amounted to $8.58 billion, latest data obtained from the Central Bank of Nigeria (CBN) has shown.
The amount is 37.06 per cent ($2.32 billion) higher than the $6.26 billion that the country generated from nonoil exports between January 2023 and February last year.
New Telegraph’s analysis of economic reports released by the apex bank in recent years revealed that although oil and gas exports still account for the bulk of the country’s foreign exchange earnings, its earnings from non-oil exports have steadily been heading north.
For instance, the CBN’s economic report for February 2025, released last month, stated that: “Provisional data indicated that the trade surplus increased to $0.44 billion, from $0.40 billion in the preceding month. Export receipts fell marginally by 0.29 per cent to $4.06 billion, from $4.07 billion in the preceding month, due to lower receipts from the export of crude oil and gas.
“In terms of share, crude oil and gas accounted for 82.61 per cent of export receipts, while non-oil export, constituted the balance.” It further said: “Non-oil export earnings rose by 3.14 per cent to $0.71 billion, from $0.68 billion in the preceding month.
The Netherlands was the major destination for Nigeria’s non-oil exports, accounting for 28.99 per cent, followed by the US (12.12%), Belgium (10.92%), Brazil (8.44%), Malaysia (4.69%), Germany (4.10%), Turkey (3.30%), India (3.18%), Switzerland (2.70%), and China (2.14%); while others accounted for the balance. “Cocoa bean represented the largest share of Nigeria’s non-oil export at 52.65 per cent, followed by urea (16.72%), cocoa products (5.77%), sesame seeds (4.37%), cashew nut (3.53%), beef/crustaceans (2.14%), witj other products accounted for the balance.”
“Receipts of the top-five non-oil exporters decreased to $0.22 billion, from $0.33 billion in the preceding month. Sunbeth Global Concept Ltd. and Dangote Fertilizer Ltd., with shares of 26.45 and 26.02 per cent respectively, were the leading exporters. Outspan Nigeria Ltd.
Followed with 17.85 per cent, while Indorama Eleme Fertilizer & Chemical Ltd. and Johnvents Trading Services Ltd. Ranked fourth and fifth with shares of 16.05 and 13.66 per cent, respectively,” the report added.
With official data specifically showing that earnings from non-oil exports rose by 27.48 per cent to $7.19 billion last year from $5.64 billion in 2023, analysts attribute the increase in the country’s export earnings last year, to the devaluation of the naira, occasioned by the CBN’s liberalisation of the forex market in June 2023.
Indeed, commenting on the latest foreign trade report released by the National Bureau of Statistics (NBS), analysts at CSL Research said in December last year that the devaluation of the naira on the official market, “contributed to increased export values, driving export activities and making imports more expensive.”
The analysts said: “Nigeria’s foreign trade report by the National Bureau of Statistics (NBS) showed a trade surplus of N5.81 trillion in the third quarter (Q3) of 2024. Total merchandise trade was N35.16 trillion, an increase of 13.3 per cent over the value recorded in Q2’24 and up significantly by 81.4 per cent compared to the value recorded in Q3’23.
