Nigeria’s non-oil export earnings are approaching parity with crude oil revenue for the first time in decades, according to the National Orientation Agency (NOA).
The development underscores the country’s diversification efforts as foreign exchange inflows from agricultural and manufactured goods continue to grow.
Data from the Nigerian Export Promotion Council (NEPC) showed that in the first half of 2025, non-oil exports generated $3.22 billion, representing 4.04 million metric tonnes of products. This figure was only slightly below the $3.47 billion earned from crude oil exports during the same period.
The NOA described the performance as an unprecedented development in decades, highlighting that the non-oil sector is fast emerging as Nigeria’s new source of foreign exchange.
“Given the recent data from the NEPC and the National Bureau of Statistics, the non-oil export sector seems to have been well positioned as Nigeria’s new source of foreign exchange,” the agency said in its editorial for The Explainer.
The $3.22 billion in non-oil export proceeds represented a 19.59 percent increase in value compared to the first half of 2024 when the country exported 3.83 million metric tonnes worth $2.69 billion.
The growth was driven by agricultural commodities and manufactured goods, which continue to gain traction in international markets.
Nigeria’s oil and gas sector, traditionally the country’s main revenue source, has faced significant challenges over the past decade, with earnings described as “less than impressive.”
The steady growth of non-oil exports and rising tax revenue collection have, however, provided the government with alternative sources of income.
The NOA linked this shift to broader economic reforms under President Bola Tinubu’s administration, including tax reforms that have boosted fiscal revenues beyond oil receipts.
The agency described both the expansion of non-oil exports and the improvement in tax collection as “remarkable breakthroughs” for the Nigerian economy.
The performance strengthens Nigeria’s position in building a more resilient and diversified economy, reducing overdependence on oil while expanding opportunities in agriculture, manufacturing, and value-added exports.