African Continental Free Trade Area (AfCFTA) And Non-Oil Exports In Nigeria: Opportunities, Challenges And Policy Reforms By Elohor Benedicta Omughele
Nigeria’s leading export, and its main source of national revenue, is crude oil. In 2023, crude oil exports reached about N29 trillion, accounting for about 81% of the country’s total export value (National Bureau of Statistics, 2024). This dependence places Nigeria in a vulnerable position, as fluctuations in oil prices have a direct effect on revenue and can destabilise the economy (IMF, 2023). In contrast, agriculture contributed only 5.73% of total exports, while other oil products contribute 16.87% (NBS, 2024). Recent figures, however, show progress in diversification. Nigeria’s non-oil exports rose to 3.2 billion dollars in the first half of 2025(Nigerian Export Promotion Council, 2025). Products such as cocoa beans, fertiliser, and cashew nuts dominated this growth, with cocoa alone representing about 35% of total export value. These results reflect the government’s efforts to move the economy away from crude oil, which continues to provide about two-thirds of state income and around 80% of foreign currency earnings (World Bank, 2024).
