Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC
Nigeria’s Non-Oil Exports to EU Remain Low Despite $21.87 Billion Trade in 2024
By Progress Godfrey
The Nigerian Export Promotion Council (NEPC) is urging agro-exporters to leverage the European Union’s vast consumer market, which exceeds 400 million people. Despite a substantial trade volume of $21.87 billion in 2024, non-oil exports constituted only 10 percent of total trade with the EU.
During the NEPC’s eighth webinar series, titled “EU Regulations for Importation of Nigeria’s Agri-food Products,” Executive Director and CEO Nonye Ayeni emphasized the need for Nigeria to increase its non-oil export presence in the EU market.
Ayeni noted that the EU remains a critical trade partner for Nigeria, comprising approximately 26 percent of the country’s overall trade. Key exports to the EU include cocoa and its derivatives, oilseeds, agricultural produce, fish, seafood, rubber, leather, and wood.
“Statistics indicate that Nigeria’s total exports to the EU in 2024 were valued at $21.87 billion, while EU exports to Nigeria stood at $20.2 billion. Of this, non-oil exports comprise only about 10 percent,” she said.
She highlighted the opportunity for Nigeria to enhance its market share in the EU, particularly as the country is rich in agricultural products and commodities. “This scenario presents a chance to strengthen bilateral trade between Nigeria and the EU,” Ayeni added.
Ayeni further explained that contemporary global trade dynamics are increasingly dictated by standards, regulations, traceability requirements, and sustainable practices, rather than solely by price and availability.
“Nigeria is well-endowed with agricultural resources and a variety of exportable agri-food products, including cocoa, sesame, hibiscus, ginger, and various spices,” she noted.
She emphasized that adding value to these commodities, rather than exporting them in their raw form, could yield premium prices in global markets. This approach could also generate employment, stimulate domestic industrialization, reduce poverty, and significantly contribute to national economic diversification.
