$1.7bn earnings signal potential in non-oil export – IMPI
The recent report of $1.7 billion export earnings posted for the first quarter of 2025 by the Nigerian Export Promotion Council (NEPC) has signaled the huge potential of non-oil export, the Independent Media and Policy Initiatives (IMPI) has said. Chairman of IMPI, Omoniyi M. Akinsiju (PhD), made the disclosure in Abuja on Tuesday at a […]
The recent report of $1.7 billion export earnings posted for the first quarter of 2025 by the Nigerian Export Promotion Council (NEPC) has signaled the huge potential of non-oil export, the Independent Media and Policy Initiatives (IMPI) has said.
Chairman of IMPI, Omoniyi M. Akinsiju (PhD), made the disclosure in Abuja on Tuesday at a press conference on the economy.
He said: “In 2024, Nigeria earned N9.65 trillion from non-oil exports, according to a report from the Nigerian Export Promotion Council (NEPC). This represents a significant increase from the N3.14 trillion recorded in 2023. In terms of US dollars, Nigeria’s non-oil exports reached $5.45 billion, a 20.7 percent increase compared to the previous year.
“The increase in non-oil exports underscores the huge potential of the non-oil sector, signaling that it is time to diversify the economy and reduce its reliance on oil revenue and the rising demand for Made-in-Nigeria products, for which we commend the federal administration.
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“Even in current terms, despite global trade tensions, Nigeria’s non-oil exports still show a significant 24.75 per cent increase in the first quarter of 2025 reaching $1.791 billion. This increase is attributed to factors like increased economic activities and initiatives like the $50 million incentive package for female exporters.”
On job creation, Akinsiju advised the government to concentrate more on the services sector to drive growth.
He stated that, “Nigeria’s unemployment rate has been high, exceeding 33%, with youth unemployment reaching over 40%,” adding, “A large portion of the labour force works in the informal sector, offering fewer benefits and lower wages. Long before now, the rate of job creation in the private sector has not kept pace with the growing labour force.
“While challenges remain, particularly regarding youth unemployment, we submit that the services sector has continued to play a significant role in boosting employment, therefore the government can explore the sector.
“Unemployment decreased from 5.3% in Q1 2024 to 4.3% in Q2 2024, according to the National Bureau of Statistics (NBS) report. The expansion of the services sector, including financial services, real estate, and ICT, has become a key driver of job creation and economic activities.”