Ensuring Transparency in Nigeria’s Non-oil Export Transactions

As the current administration’s efforts to drive economic diversification through non-oil exports gather momentum with improved statistics in recent times, there’s need for uniformity, clarity, transparency and consistency in reporting the actual FX accruals to the country, James Emejo writes

On January 19, 2026, Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, announced that through the commission’s untiring efforts, the country’s non-oil export reached an all-time high of about $6.1 billion in 2025, representing a year-on-year increase of about 11.5 per cent compared to $5.46 billion in 2024.

She said the figure could have been higher perhaps, but for the exit of Burkina Faso, Mali, and Niger from the ECOWAS community, noting that a total of 1.23 million metric tons, valued at $271.26 million, constituting 4.46 per cent of total export value was exported to the block in the period under review.

This represented a 13.08 per cent decrease compared to $312.080 million in 2024.

The NEPC further committed to doubling the performance this year through various export-oriented initiatives and capacity building for stakeholders.

Ayeni said, “This outstanding performance is not the total story, as a lot of exports still go out informally through our various borders. NEPC, in partnership with the National Bureau of Statistics, the Central Bank of Nigeria, and other stakeholders, is working hard to mainstream informal trade.”

She said under her watch, the council contributed immensely to current performance as the federal government agency with the mandate to promote the development of non-oil exports and help diversify the economy away from oil.

She also attributed the success to various initiatives and programmes by the council, working with exporters and other stakeholders, and building their capacity and equipping them with the tools and skills required to compete effectively in the global market from farm gate to market.’

No doubt, the sector may have also benefited from current reforms by monetary and fiscal authorities.

If anything, the non-oil sector had been crucial to the government’s drive to wean the economy off the vagaries of crude oil. It contributed 96.56 per cent to GDP in Q3 2025, 95.95 per cent in Q2 and 96.62 per cent in Q3 2024.

Non-oil exports are particularly key to Nigeria’s economic stability, helping to stabilise the local currency by attracting FX, and diversifying the base of the economy from the perils of oil, and aiding industrilisation among others.

In volume terms, however, total non-oil exports stood at 8.02 million metric tonnes, reflecting a 10 per cent increase compared to the 7.29 million metric tonnes recorded in the previous year.

The growth in both value and volume demonstrated improved export activity across multiple value chains and market destinations, the NEPC boss noted.

She said the country exported a total of 281 non-oil products, cutting across agricultural commodities, processed and semi-processed goods, industrial inputs, and solid minerals—reflecting gradual progress toward value addition and broader product representation in global markets.

However, there’s a need to include additional innovative export items to the basket. A football talent export initiative introduced by the previous NEPC leadership appeared to have been jettisoned. 

Ayeni said Nigeria also exported 967,397.94 metric tons valued at $206.941 million, representing 3.40 per cent of total non-oil export to 25 other African countries outside ECOWAS, bringing total African export destinations to 36 countries.

Value of non-oil exports for 2025

Despite the reported growth in non-oil export trajectory, there appears to be a lack of uniformity in establishing the exact performance of the sector – and this further suggests that agencies are still working in silos in terms of evaluating actual progress. In the recent past, different institutions have laid claims to varying non-oil export values which they have influenced, and this could be further misleading.

Ayeni also attested to the fact that data remained a challenge in evaluating the entire non-oil export activities especially in the informal economy.

Data Discrepancies in FX accrual

Earlier in the year, before the $6.1 billion announcement as total FX earning from non-oil exports for 2025, the Federal Ministry of Industry, Trade and Investment, under the leadership of Dr. Jumoke Oduwole, announced that country’s non-oil exports grew by 21 per cent to $12.8 billion in the first half of last year (H1 2025).

The ministry which also oversees the NEPC noted that the figure represented a remarkable improvement over the $6.5 billion target, contributing to a N12 trillion trade surplus during the first six month of 2025.

Confused about the discrepancies in the non-oil export performance, Ayeni was asked to clear the air during the recent media briefing on the non-oil export for 2025 and 2026 outlook in Abuja.

In essence, why would non-oil exports value be lower at full year compared to half year?

NEPC remains the apex institution for promoting, developing, and diversifying Nigeria’s non-oil export trade to foster sustainable economic growth. Its core mandate is to diversify the revenue base from oil to non-oil products through product development, market expansion, policy advocacy, and export incentives, and to a greater level, track volume and proceeds of such exports.

The NEPC chief executive indicated she was at a loss where the ministry’s figure came from.

There are worries that the lack of harmony in data dissemination in the non-oil sector could blur the lines of transparency, distort policy direction, erode confidence and mislead stakeholders.

According to Ayeni, 2026 promises to be a great year for non-oil exports as NEPC remains “resolute and committed to driving up the volume and value of non-oil exports and expanding market access for sustainable and inclusive economic growth and to continue to align with the Renewed Hope Agenda of Mr. President for job creation and poverty alleviation”.

However, there’s the need for convergence and proper coverage and reporting of activities in the sector for improved trust and confidence from stakeholder, partner and government.