Nigeria has reached a major milestone in its economic diversification efforts, with non-oil exports soaring to $3.225 billion in the first half of 2025 — a 19.59% increase compared to the same period last year. The figures, released by the Nigerian Export Promotion Council (NEPC), underscore the country’s growing success in reducing its dependence on oil revenue.

According to Nonye Ayeni, Executive Director of the NEPC, the progress goes beyond increased export volumes. “This isn’t just about bigger numbers,” Ayeni said. “It’s about value creation. We’re moving up the global value chain, exporting more finished goods and creating more jobs here at home. That’s transformative.”

A key highlight of this growth is the rising prominence of processed cocoa products — including cocoa butter, liqueur, and cakes — which have now overtaken raw cocoa beans in export value. The total number of non-oil export products has also expanded to 236, reflecting Nigeria’s growing manufacturing and agro-processing capacity.

Other industries showing strong performance include cashew processing, leather production, and sesame seed refinement. Analysts say this shift from raw commodity exports to value-added products is a significant step toward building a resilient and sustainable economy.

Nigeria’s trade relationships are also diversifying. While Europe and North America continue to be key export destinations, new markets are opening up in India, Brazil, Vietnam, and across Africa — particularly within ECOWAS and the African Continental Free Trade Area (AfCFTA).

“This wider trade reach is a strategic win,” said Sola Adebawo, a business leader and communications expert. “It reduces our exposure to regional shocks and opens up vast opportunities across Africa.”

Major contributors to the export surge include firms such as Indorama Eleme Fertilizer, Starlink Global, and Dangote Fertilizer. However, Adebawo emphasized that the benefits must extend beyond large corporations.

“Small and medium-sized enterprises (SMEs) are the backbone of the Nigerian economy,” he noted. “For this growth to be inclusive, government policies must support smaller businesses in accessing global markets.”

To build on these gains, stakeholders are calling for urgent reforms — particularly in areas such as electricity supply, transport infrastructure, and bureaucratic efficiency. Exporters also stress the need for improved access to financing and targeted training on international standards and compliance.

Despite ongoing challenges, the mood among business leaders and policymakers is one of optimism. The latest export data points to more than short-term success — it signals a broader transition toward a diversified, innovative, and self-reliant economy.

“This isn’t just a moment; it’s the beginning of a movement,” Adebawo concluded. “Nigeria’s true wealth isn’t buried underground — it lies in the creativity, determination, and enterprise of its people.”