Nigeria’s export sector showed robust growth in 2024, with total exports in naira surging to N77.4 trillion, up from N36 trillion in 2023. While dollar-denominated export earnings dipped slightly to $57.9 billion from $60.65 billion, non-oil sectors recorded significant gains, signaling diversification beyond crude oil.

Cocoa exports led the growth, rising to $2.6 billion from $759 million, while ores and residues climbed to $824.4 million, highlighting Nigeria’s expanding export base. Intra-African trade remained strong, with companies like Unilever Nigeria, Cadbury Nigeria, and Guinness Nigeria collectively generating N22.8 billion in 2024, more than double the N9.92 billion of the previous year.

Despite some EU rejections of agricultural and manufactured goods due to quality and certification gaps, the Federal Government’s Trade Policy (2023–2027) aims to modernize inspection and compliance systems, boosting prospects for long-term acceptance in premium markets.

Oil continues to underpin overall export earnings, contributing nearly 90% of total revenue between 2022 and 2024, with crude oil revenues at $50.3 billion in 2024. Analysts note that the surge in naira-denominated export values, partly driven by currency depreciation, provides opportunities for local businesses to invest in processing, value addition, and competitiveness abroad.

Countries like South Africa, Morocco, and Kenya offer benchmarks for EU market acceptance, and Nigeria is increasingly adopting best practices in supply chain management, lab accreditation, and quality assurance to bridge gaps.

Non-oil export growth, rising regional trade, and government-backed reforms signal an emerging trajectory for Nigeria’s export sector, with potential to convert naira gains into higher dollar earnings over time.