Nigeria’s non-oil exports climbed 19.6% year-on-year to $3.225 billion in the first half of 2025, buoyed by high global prices and demand for cocoa, urea, and cashews. Export volume rose to 4.04 million tonnes, underscoring the resilience of agriculture and fertilizer shipments despite currency volatility at home, the Nigerian Export Promotion Council said.
Cocoa was the standout—accounting for roughly 35% of H1 export value—thanks to tight global supply and expanded domestic processing. Fertilizer producers, including Indorama Eleme and Dangote Fertilizer, also featured prominently as buyers in Europe, the U.S., and India sought reliable supply. The African Continental Free Trade Area (AfCFTA) framework—through lower tariffs and simplified corridors—has widened market access, exporters say.
The data highlight steady progress on the long-stated ambition to diversify away from crude oil. But logistics costs, port ccongestion, and access to affordable working capital still drag on competitiveness. Exporters also cite documentation delays and inconsistent enforcement of standards that can cause shipment rollovers. Addressing these frictions could unlock further upside as manufacturers increasingly source inputs locally (for example, cocoa butter and powder) to capture value-added margins.
Analysts add that sustained FX stability would let exporters better plan hedges and secure longer-dated supply contracts. With cocoa and urea cycles favorable and new processing capacity coming online, policymakers are watching whether the momentum can be sustained into H2—especially if seasonal weather risks or geopolitical disruptions hit shipping lanes.
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