Business - 2 hours ago

Nigeria Makes Almost $1bn From Exports, But Not From Oil

For a long time, whenever anyone talked about Nigeria’s economy, oil was the first and last thing mentioned. But something is quietly changing, and the numbers are starting to back it up.

In just the first three months of 2026, Nigeria exported goods worth $925.84 million. That is close to $1 billion in a single quarter, and it marks a 38.68 percent increase compared to the same period in 2025. The figures come directly from the Nigeria Customs Service, and they point to something many economists have been waiting to see. Real, measurable growth in trade that does not depend entirely on crude oil.

What the Numbers Actually Mean

A 38 percent jump year-on-year sounds impressive in isolation, but what makes this figure particularly significant is the story behind it.

The number of export containers handled at Nigerian ports nearly doubled. In Q1 2025, ports processed 9,722 containers. In Q1 2026, that number climbed to 19,014, which is a 95.58 percent increase. That is not just more goods leaving the country. It means the ports are working harder, moving faster, and handling more volume than before.

March 2026 was especially remarkable. Export value in that single month hit $425.48 million, which is a 135.83 percent rise compared to March 2025, when the figure stood at just $171.76 million. That one month alone pulled the entire quarter’s performance to a higher level.

Nigeria Is Selling to the World, and to Africa Too

The growth is not just about volume. It is also about reach.

In 2025, Nigeria exported non-oil products to 120 countries. The Netherlands was the top destination, taking in 17.53 percent of total non-oil export value, largely through cocoa beans, cocoa butter, and sesame seeds. Brazil, India, Belgium, and the United States were also among the top markets, alongside Vietnam, Germany, China, Switzerland, and Japan.

Within Africa, Nigeria exported to 36 countries and generated $478.2 million from ECOWAS markets alone. Ghana and Côte d’Ivoire ranked among the global top 20 destinations. With the African Continental Free Trade Area gradually opening more doors across the continent, that number has room to grow.

The products making these journeys are varied. Cocoa, cashews, sesame seeds, rubber, fertilisers, and processed agro-products are all part of the mix. Larger companies like Indorama Eleme Fertilizer and Chemical Ltd and Dangote Fertilizer Ltd are leading contributors, but small and medium businesses are increasingly showing up in the numbers too.

Why This Is Happening Now

The improvement is not accidental. Several things are working together at the same time.

Port infrastructure has been improving. The Nigeria Customs Service now runs a digital customs management system called B’Odogwu, which has made clearing processes faster and more predictable for traders. The Authorised Economic Operator programme rewards compliant businesses with faster processing times, which reduces cost and delays at the border.

A trade agreement with the UAE removes tariffs on 7,315 Nigerian products. That opens a significant door for exporters who want access to Gulf markets and the global supply chains that pass through Dubai.

Nigeria’s foreign exchange reserves also hit $50.45 billion as of February 2026, the highest level in thirteen years. Greater reserves bring more currency stability, and currency stability means exporters can plan properly without worrying that exchange rate swings will wipe out their margins before the goods even arrive.

Keeping the Momentum Going Is the Real Work

None of this means the hard work is done.

Infrastructure gaps still exist. Port congestion can come back. Regulatory uncertainty has not disappeared. The agriculture sector, which underpins much of the non-oil export story, is still vulnerable to climate and logistics shocks. Many small businesses that could be exporting are still locked out by the cost and complexity of getting started.

The government has set a revenue projection of N9 trillion for the Customs Service in 2026. Reaching that target will require the current export momentum to hold and pick up speed. Women-led businesses, which are increasingly active in Nigeria’s export ecosystem, have been identified as a key growth area, a theme that came up prominently at a recent NEPC trade conference.

Frequently Asked Questions

How much did Nigeria export in Q1 2026? Nigeria exported $925.84 million worth of goods in the first quarter of 2026, according to data released by the Nigeria Customs Service.

How much did Nigeria’s exports grow compared to last year? Exports grew by 38.68 percent year-on-year when comparing Q1 2026 to Q1 2025.

What are Nigeria’s top non-oil exports? Nigeria’s leading non-oil exports include cocoa beans, cocoa butter, sesame seeds, cashew nuts, rubber, and fertilisers. Agro-processed goods and solid minerals are also growing categories.

Which countries buy the most from Nigeria? The Netherlands is the largest destination for Nigeria’s non-oil exports, followed by Brazil, India, Belgium, the United States, Vietnam, Germany, China, Switzerland, and Japan. Within Africa, Ghana and Côte d’Ivoire are top markets.

Why did exports jump so much in March 2026? March 2026 recorded a 135.83 percent year-on-year increase in export value, rising to $425.48 million. Improved port throughput, better trade facilitation, and increased container handling capacity all contributed to the spike.

What is driving Nigeria’s non-oil export growth? Key drivers include customs digitalisation through the B’Odogwu system, the Nigeria-UAE trade agreement, port reforms, improved foreign exchange reserves, and government policy focused on economic diversification.