Nigeria is steadily diversifying its economy beyond oil, with non-oil exports reaching a nearly 50-year high of $5.45 billion in 2024—a 20.8% jump from the previous year. This surge, driven by a more competitive naira and rising global commodity prices, highlights a significant shift in the nation’s trade landscape. Leading this charge are companies like Indorama Eleme Fertilizer, which topped export earnings with $475 million in urea shipments, and cocoa traders such as Starlink Global & Ideal Limited, which capitalized on soaring cocoa prices. Other key players include Dangote Fertiliser and gold miner Segilola Resources, illustrating a broadening export base spanning agriculture, minerals, and processed goods. While this growth marks promising progress, it also underscores Nigeria’s potential to further expand its role in global markets—provided it continues to support diversification and value-added industries.
The African Report
