The revenue accruing from Nigeria’s non-oil sector has increased by 24.75%, hitting 1.7 billion naira in the first quarter of this year.
The Executive Director of the Export Promotion Council, Nonye Ayeni, disclosed the figures while addressing the journalists in Abuja on Monday. She stated that the amount surpassed the $1.436 billion generated in the first quarter of 2024.
Ayeni noted that the spike in revenue significant indicates the resilience and diversification of country’s export sector beyond crude oil, a shift aimed at curbing the Nigeria’s heavy reliance on oil revenue.
In addition, Ayeni noted that the surge in non-oil exports was driven by increased economic activity in the Agriculture, Manufacturing, and Solid Minerals sectors.
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In 2024, oil revenue also experienced an increase, rising 42.63% month-on-month to N0.52 trillion in November, driven by improved collections from Petroleum Profit Tax (PPT), royalties, and Company Income Tax (CIT) from upstream operations. However, despite the surge, oil revenue fell significantly short of its target by 70.46%, demonstrating the continued challenges facing Nigeria’s oil sector.
The council stated that the 14% trade tariff imposed by the U.S. was beneficial for the nation, emphasising that it provided an opportunity to enhance value addition and improve competitiveness in the global market.
