The Independent Media and Policy Initiatives (IMPI) has highlighted the significant potential of Nigeria's non-oil export sector following the Nigerian Export Promotion Council's (NEPC) report of $1.7 billion in export earnings for the first quarter of 2025.
IMPI Chairman, Dr. Omoniyi M. Akinsiju, while briefing journalists in Abuja on Tuesday, revealed that Nigeria earned an impressive N9.65 trillion from non-oil exports in 2024, a substantial increase from the N3.14 trillion recorded in 2023.
"In terms of US dollars, Nigeria's non-oil exports reached $5.45 billion, representing a 20.7 percent increase compared to the previous year," Dr. Akinsiju stated.
Continued Growth Despite Global Challenges
The IMPI chairman further emphasized that despite global trade tensions, Nigeria's non-oil exports demonstrated a remarkable 24.75 percent increase in the first quarter of 2025, reaching $1.791 billion.
"The increase in non-oil exports underscores the huge potential of the non-oil sector, signaling that it is time to diversify the economy and reduce its reliance on oil revenue and the rising demand for Made-in-Nigeria products, for which we commend the federal administration," he explained.
This growth has been attributed to various factors, including increased economic activities and strategic initiatives such as the $50 million incentive package specifically designed for female exporters.
Focus on Services Sector for Job Creation
Dr. Akinsiju advised the government to place greater emphasis on developing the services sector as a means to drive economic growth through job creation. He noted that Nigeria's unemployment rate has been persistently high, exceeding 33%, with youth unemployment reaching over 40%.
"A large portion of the labour force works in the informal sector, offering fewer benefits and lower wages," he stated, adding that "the rate of job creation in the private sector has not kept pace with the growing labour force."
Despite these challenges, there are positive signs in the employment landscape. According to the National Bureau of Statistics (NBS), unemployment decreased from 5.3% in Q1 2024 to 4.3% in Q2 2024. The IMPI chairman attributed this improvement to the expansion of the services sector, including financial services, real estate, and Information and Communication Technology (ICT), which have become key drivers of job creation and economic activities.
The continued growth in non-oil exports represents a significant step toward economic diversification, which experts have long advocated as essential for Nigeria's sustainable development and reduced dependence on oil revenues.
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