Nigeria’s total trade volume for 2024 reached 7.2 metric tons, with a 20.7% increase in export value, totaling $5.45 billion, according to the Nigerian Export Promotion Council (NEPC).
NEPC’s Executive Director, Dr. Nonye Ayeni, disclosed these figures on Monday during the Ministry of Industry, Trade, and Investment’s retreat in Abuja, where the 2025 roadmap for the nation’s trade sector was presented.
“In terms of value, we grew by 20.7% to $5.45 billion, and we are now represented in 126 countries. This is a clear indication that Nigeria is making significant progress,” Ayeni stated, underscoring the country’s growing presence in global markets.
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This significant growth in non-oil exports highlights Nigeria’s push to diversify its economy and reduce reliance on crude oil.
Economic Growth in Trade, But GDP Continues to Decline
However, while trade figures show improvement, Nigeria’s broader economic performance remains weak. The country has slipped from Africa’s largest economy to the fourth-largest, behind Egypt, South Africa, and Algeria. This regression reflects deeper structural economic problems, including high inflation, currency devaluation, and declining foreign investments.
According to the International Monetary Fund (IMF), Nigeria’s Gross Domestic Product (GDP) per capita—which measures the average economic output per person—fell by 4.74% from $877.07 in 2024 to $835.49 in 2025. This latest decline is part of a broader downward trend that has persisted since 2014, when Nigeria’s GDP per capita was at a high of $3,220.
GDP per capita is a crucial indicator of living standards and economic well-being. It represents the total value of goods and services produced in a country divided by its population. The continued fall in Nigeria’s GDP per capita suggests that despite increased export earnings, Nigerians are becoming poorer in real terms.
IMF’s Future Outlook for Nigeria’s Economy
While Nigeria’s GDP per capita continues to shrink in 2025, the IMF projects a gradual recovery in 2026 and 2027, with expectations that GDP per capita will cross the $1,000 mark in 2028, reaching $1,040.
However, analysts warn that such projections depend on strong economic reforms, including diversifying revenue sources, stabilizing the currency, improving infrastructure, and addressing insecurity—factors that continue to hinder Nigeria’s growth.
However, the NEPC remains committed to boosting Nigeria’s export potential. Dr. Ayeni emphasized the need to reduce oil dependence by expanding non-oil exports through capacity development programs.
“We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.
In 2024 alone, the NEPC conducted 629 capacity-building programs in collaboration with development agencies to enhance the competitiveness of Nigerian exporters. The council is also working to provide international certifications for exporters free of charge, allowing them to access niche global markets.
Additionally, the NEPC is focused on integrating Micro, Small, and Medium Enterprises (MSMEs) into the export sector by linking them with experienced exporters and providing specialized training.
“By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters,” Ayeni stated.
“We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally.
She added that commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports.