Nigeria’s non-oil exports reportedly increased by 14% from N1.74bn in 2019 to N2.074bn in 2020. According to data from the Nigerian Export Promotion Council, some of the major non-oil export products include cocoa beans, sesame seeds, cashew nuts, urea, cigarettes, aluminum ingots, finished leather, soya bean meal, cocoa butter, processed frozen shrimp and crabs, among others.
For instance, one of the non-oil export products that generated the most revenue in 2020 is finished leather. According to a study carried out by the Nigerian Economic Summit Group, the Nigerian leather industry has the potential to increase its earnings by 70% and generate over $1bn by 2025. With the current exchange rate, that’s over N400bn from just one product.
It goes without saying that if properly harnessed and maximised, the potential of non-oil exports to stimulating the growth of the Nigerian economy is great indeed. In the same vein, its primary goal is to increase Nigeria’s export capacity in the near term and its export volumes in the medium term, while also targeted at providing support to exporters, particularly Micro, Small and Medium Entrepreneurs.
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