Naija News • 2h ago
Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC
**Nigeria's Non-Oil Exports to EU: A Missed Opportunity Worth Billions**
Nigeria's trade relationship with the European Union (EU) is a significant one, with a whopping $21.87 billion in trade volume in 2024. However, despite this impressive figure, a disturbing trend has emerged. According to the Nigerian Export Promotion Council (NEPC), non-oil exports from Nigeria to the EU account for a paltry 10 percent of total trade with the bloc.
This statistic is a wake-up call for Nigeria's agro-exporters, who are missing out on a vast consumer market of over 400 million people in the EU. With the EU's strong demand for high-quality agricultural products, there's a huge potential for Nigerian farmers and producers to tap into this market and earn significant foreign exchange.
The NEPC's Executive Director and CEO, Mrs. Nonye Ayeni, has sounded the alarm, urging Nigerian agro-exporters to explore the EU market and take advantage of the numerous trade opportunities available. With the EU's commitment to supporting African businesses through the African Continental Free Trade Area (AfCFTA) agreement, Nigeria's exporters have a golden chance to increase their market share and boost their revenue.
The EU is a prime market for Nigeria's non-oil exports, particularly in the agricultural sector. The bloc is a major importer of high-quality rice, cocoa, and other agricultural products. However, Nigeria's share of the EU market remains woefully low, with most of its exports going to other countries.
To address this challenge, the NEPC is working closely with stakeholders, including farmers, producers, and exporters, to develop strategies that will increase Nigeria's non-oil exports to the EU. This includes providing support for farmers to improve the quality of their produce, training exporters on the best practices in international trade, and facilitating access to finance and other resources.
As Nigeria seeks to diversify its economy and reduce its dependence on oil exports, the EU market presents a significant opportunity for growth and development. By tapping into this market, Nigeria's agro-exporters can earn much-needed foreign exchange, create jobs, and contribute to the country's economic growth and development. It's time for Nigerian farmers and producers to seize this opportunity and take their place on the world stage.