Nigeria’s Trade Volume Hit 7.2 Metric Tons in 2024, Export Value Rises to $5.45 Billion—NEPC

The total volume of Nigeria’s exchanges for 2024 reached 7.2 metric tonnes, with an increase of 20.7% of the export value, totaling $ 5.45 billion, according to the Nigerian Export Promotion Council (NEPC).

The Executive Director of NEPC, Dr. Nonye Ayeni, revealed these figures on Monday during the retirement of the Ministry of Industry, Trade and Investments in Abuja, where the 2025 roadmap for the country’s trade sector A been presented.

“In terms of value, we have increased by 20.7% to $ 5.45 billion, and we are now represented in 126 countries. This is a clear indication that Nigeria makes significant progress, “said Ayeni, highlighting the country’s growing presence in the world markets.

This significant growth in non -oil exports highlights Nigeria’s thrust to diversify its economy and reduce dependence on crude oil.

Economic growth in trade, but GDP continues to decrease

However, while commercial figures show an improvement, the broader economic performance in Nigeria remains low. The country has gone from the greatest economy in Africa to the fourth greatest, behind Egypt, South Africa and Algeria. This regression reflects deeper structural economic problems, in particular high inflation, a devaluation of the frames and a drop in foreign investments.

According to the International Monetary Fund (IMF), the Nigeria (GDP) (GDP) (GDP) per capita – which measures average economic production per person – exceeds 4.74% compared to $ 877.07 in 2024 to 835 , $ 49 in 2025. This last decline is part of a large downward trend that has persisted since 2014, when the GDP per capita of Nigeria was at a summit of $ 3,220.

GDP per capita is a crucial indicator of living standards and economic well-being. It represents the total value of goods and services produced in a country divided by its population. The continuous decrease of GDP per capita from Nigeria suggests that despite the increase in export income, Nigerians become poorer in real terms.

The FMI future prospects for the Nigeria economy

While the GDP per capita of Nigeria continues to shrink in 2025, the IMF is planning a gradual recovery in 2026 and 2027, with expectations that per capita GDP will cross the $ 1,000 mark in 2028, reaching $ 1040.

However, analysts warn that these projections depend on strong economic reforms, in particular the diversification of sources of income, the stabilization of money, the improvement of infrastructure and the fight against insecurity – of factors which continue to hinder the growth of Nigeria.

However, the NEPC remains determined to stimulate the export potential of Nigeria. Dr. Ayeni underlined the need to reduce dependence on oil by expanding non -oil exports through capacity development programs.

“We are committed to working with exporters, to improve their capacity in good agricultural practices and to ensure that we reach the mandate of the Council,” said Ayeni.

In 2024 alone, the NEPC led 629 capacity building programs in collaboration with development agencies to improve the competitiveness of Nigerian exporters. The Council also strives to provide international certifications for exporters free of charge, which allows them to access the global niche markets.

In addition, the NEPC focuses on the integration of micro, small and medium -sized enterprises (MPME) in the export sector by linking them with experienced exporters and providing specialized training.

“By integrating these initiatives, we aim to increase the volume and value of non -oil exports, which, in turn, will help strengthen the capacity of exporters,” said Ayeni.

“We also want to offer international certifications to our exporters for free, allowing them to access the niche markets and sell their products worldwide.

She added that commitment to these efforts will considerably contribute to increasing the volume and value of non -oil exports from Nigeria.