Non-Oil Exports Stagnate at 10% of Nigeria-EU Trade
The Nigerian Export Promotion Council (NEPC) has revealed that non-oil goods account for only 10 per cent of Nigeria’s total exports to the European Union. Despite a substantial total trade volume of $21.87 billion in 2024, the export basket remains heavily dominated by crude oil. Mrs. Nonye Ayeni, the NEPC Executive Director, urged domestic agro-exporters to move beyond raw commodities and embrace value-added production to capture a larger share of the EU’s 400 million consumers.
The EU remains Nigeria’s most significant strategic trade partner, currently facilitating 26 per cent of the nation’s total global trade. While Nigeria maintained a slight trade surplus in 2024, exporting $21.87 billion against imports of $20.2 billion, the lack of diversification leaves the economy vulnerable to energy market shocks. Key non-oil exports currently include cocoa, oilseeds, rubber, and leather, but these represent a fraction of the potential volume.
Exporting raw agricultural products limits Nigeria’s earnings and hampers domestic industrialisation. Ayeni noted that global trade is no longer a simple matter of price and availability. Success in modern markets now requires strict adherence to international standards, traceability, and sustainable principles. By processing commodities like ginger, hibiscus, and spices locally, Nigerian firms can command premium prices and stimulate job creation.
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The NEPC has identified specific regulatory hurdles that frequently stall Nigerian agri-food products at European borders. To counter this, the council is promoting a “traceability” requirement to ensure that products meet the EU’s stringent health and safety mandates. This shift is intended to move the nation away from a reliance on raw cocoa and sesame seeds toward finished, exportable goods.
Sustainable principles are increasingly governing European import policies. Nigerian exporters must now prove that their production methods do not contribute to deforestation or unethical labour practices. Failing to meet these environmental and social benchmarks could lead to further exclusion from the lucrative European market. The NEPC’s current webinar series aims to bridge this knowledge gap for local businesses.
National economic diversification remains a primary goal for the current administration. Increasing the non-oil component of trade with the EU would provide a much-needed buffer against the volatility seen in the oil sector since the outbreak of the war in Iran. The council believes that with the right investment in processing infrastructure, the 10 per cent non-oil figure could double within a few years.