Nigeria’s Non-Oil Exports Surge, Cocoa Fertilizers Lead Growth

Lagos, Nigeria – Nigeria’s non-oil exports have witnessed significant growth, with cocoa fertilizers emerging as the top export product, contributing $5.46 billion in shipment value, according to a report by Sunrise Times.

The surge in non-oil exports highlights the country’s progress in diversifying its economy away from oil dependency. Cocoa beans and other agricultural products have also played a crucial role in driving this growth.

The rise in non-oil exports aligns with Nigeria’s broader economic diversification strategy, aimed at reducing reliance on crude oil revenues. The agricultural sector, particularly cocoa production, has been instrumental in this shift, reflecting the sector’s growing contribution to the nation’s foreign exchange earnings.

Experts say this expansion in non-oil exports could significantly boost government revenue while creating new job opportunities, particularly in the agricultural sector. As production scales up, more Nigerians may find employment in farming, processing, and export-related activities.

The increasing prominence of non-oil exports presents lucrative investment prospects, particularly in agribusiness. Analysts believe that sustained investment in the sector could further enhance productivity, improve export quality, and strengthen Nigeria’s position in global agricultural markets.

With global oil prices fluctuating, the growth in non-oil exports provides Nigeria with a more stable revenue stream, reinforcing efforts to build a resilient and diversified economy.