Nigeria’s non-oil export sector is increasingly being driven by agricultural commodities, fertiliser and agro-processing, according to recent Central Bank of Nigeria data.
Five companies generated about $120 million in export earnings in April 2026, representing almost 30 per cent of the earnings recorded by the country’s top 100 non-oil exporters.
The companies are Dangote Fertiliser, Robust International Commodities, Tulip Cocoa Processing, Valency Agro Nigeria and Outspan Nigeria.
Their performance highlights the growing contribution of agriculture and industrial processing to Nigeria’s foreign exchange earnings.
Non-oil exports record growth
According to the CBN’s April Economic Report, Nigeria’s non-oil export earnings rose to approximately $960 million in April from $770 million previously.
Higher global commodity prices contributed to the increase.
Improved receipts from products such as cashew nuts and fertiliser also supported the performance.
Cashew nuts accounted for 21.25 per cent of non-oil export earnings, making them the largest product category.
Urea followed with 14.15 per cent, while cocoa beans contributed 10.46 per cent.
Other agricultural products accounted for another 8.33 per cent.
Dangote Fertiliser leads
Dangote Fertiliser recorded the largest contribution among the five companies.
Its exports accounted for 14.15 per cent of the earnings of the CBN’s top 100 non-oil exporters.
The performance reflects the growing importance of fertiliser in Nigeria’s export economy.
The country has traditionally relied heavily on crude oil for foreign exchange.
However, the emergence of large-scale fertiliser production provides an opportunity to diversify exports through industrial manufacturing.
That is particularly important because fertiliser is not simply an agricultural product.
It is also a manufactured commodity that can generate value through industrial production.
Agro-processing expands the opportunity
The other companies demonstrate the importance of processing agricultural commodities before export.
Tulip Cocoa Processing, for example, converts cocoa beans into cocoa liquor, cocoa butter and cocoa cake.
Such processing activities allow Nigeria to capture more value from agricultural products before they leave the country.
Similarly, companies involved in cashew, sesame and other agricultural commodities are contributing to the development of export supply chains.
This is important because Nigeria’s export diversification strategy will become more sustainable when the country moves beyond exporting raw commodities.
Export markets are expanding
India was Nigeria’s leading destination among the top 10 non-oil export markets, accounting for 16.51 per cent.
Vietnam followed with 10.96 per cent.
The United States accounted for 8.71 per cent, while China contributed 8.48 per cent.
Germany represented 5.88 per cent.
The diversification of export destinations is encouraging.
It means Nigerian producers are gaining access to a wider range of international markets.
However, exporters still face challenges.
These include documentation, certification, standards compliance and access to international markets.
More value must stay in Nigeria
Nigeria’s non-oil export performance demonstrates that the country has alternatives to crude oil.
Yet, the bigger opportunity lies in developing complete value chains.
Instead of exporting raw cocoa, for example, Nigeria can expand processing.
Instead of exporting agricultural commodities with limited transformation, businesses can develop packaging, processing and manufacturing industries around them.
That approach can create more jobs and generate higher foreign exchange earnings.
Nigeria’s non-oil exports reportedly reached $6.1 billion in 2025, compared with $5.46 billion in 2024.
The increase shows that the sector is moving in the right direction.
The challenge now is to scale the businesses behind that growth.
