Nigeria’s trade volume in 2024 reached 7.2 metric tons, with a 20.7% increase in value, totaling $5.45 billion, according to the Nigerian Export Promotion Council (NEPC).
This growth signals Nigeria’s progress in expanding its exports to 126 countries.
The NEPC’s mandate is to diversify Nigeria’s economy away from oil dependency by promoting non-oil exports. To achieve this, the council conducted 629 capacity-building programs in 2024 to enhance the competitiveness of Nigerian exporters.
Dr. Nonye Ayeni, Executive Director of NEPC, emphasized the council’s commitment to working with exporters, improving their capacity in good agricultural practices, and ensuring the achievement of the council’s mandate.
In the first quarter of 2024, Nigeria’s total exports were valued at N19.17 trillion, marking a 51% increase from the previous quarter. The primary export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.
Nigeria recorded a trade surplus of N6.52 trillion in the same period, a notable recovery from the trade deficits observed in previous quarters.
France emerged as the top destination for Nigerian exports in Q1 2024, accounting for 11.09% of the total export value, followed by Spain, the Netherlands, India, and the United States.
