The National Orientation Agency (NOA) has described Nigeria’s non-oil export sector as the country’s new driving force for foreign exchange (FX) earnings, citing recent performance data that signal a significant shift from the long-standing reliance on crude oil.
In a fresh editorial published in The Explainer, the agency’s weekly bulletin, the NOA said the turnaround in non-oil revenue reflects a broader transformation in Nigeria’s economic structure, especially as oil and gas revenues continue to underperform.
According to data released by the Nigerian Export Promotion Council (NEPC), Nigeria recorded $3.22 billion in non-oil export earnings between January and June 2025 nearly matching the $3.47 billion generated from crude oil exports in the same period.
The National Bureau of Statistics (NBS) also reported a positive trade balance of ₦5.17 trillion in Q1 2025, further supporting the narrative of a strengthening export sector outside oil.
“The non-oil export sector is now emerging as Nigeria’s new source of FX,” the NOA stated. “This shift is especially significant considering the oil and gas sector’s earnings over the past decade have remained below expectations.”
The agency added that the $3.225 billion accrued from 4.04 million metric tonnes of exported goods largely drawn from agriculture and manufacturing marks a notable improvement from the $2.69 billion earned from 3.83 million metric tonnes in the first half of 2024. This represents a 19.59% year-on-year growth.
“This development is reminiscent of the recent tax reform gains, which have also seen government revenue from taxes surpass that of oil for the first time in decades,” the publication noted. “It is one of the most remarkable economic breakthroughs under President Bola Ahmed Tinubu’s administration.”
The NOA stressed that the trend points to a historic near-parity between oil and non-oil export earnings, a feat rarely seen in Nigeria’s recent history.
While crude oil has long served as Nigeria’s economic backbone, the country’s diversification strategy backed by regulatory reforms, trade incentives, and improved infrastructure appears to be yielding tangible results in sectors like agro-processing, solid minerals, and light manufacturing.
With the non-oil sector gaining ground, analysts say Nigeria may finally be on the path to breaking the oil dependency jinx and building a more resilient, export-driven economy.
