Nigeria’s trade volume hits 7.2 metric tons in 2024, export value rises by 20.7%
The Nigerian Export Promotion Council (NEPC) has announced that Nigeria’s trade volume in 2024 reached 7.2 metric tons, with a 20.7% increase in value, totaling $5.45 billion.
Dr. Nonye Ayeni, Executive Director of NEPC, disclosed this on Monday during the Ministry of Industry, Trade, and Investment’s retreat for the presentation of the 2025 roadmap in Abuja.
Ayeni highlighted a 20.7% growth in export value to $5.45 billion and expansion to 126 countries, signaling Nigeria’s export progress.
“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,” she said
Ayeni emphasized that NEPC’s mandate remains to diversify Nigeria’s economy away from oil dependency by promoting non-oil exports.
“We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.
Export Capacity Expansion
She noted that the council conducted approximately 629 capacity-building programs in 2024, in collaboration with development organizations and agencies, to enhance the competitiveness of Nigerian exporters.
Ayeni further highlighted NEPC’s ongoing efforts to facilitate international market access for Nigerian goods.
“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.
“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 said.
- NEPC is also prioritizing the connection of Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters to provide training in various skill programs.
“Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” Ayeni stated.
What you should know
- The Nigerian Customs Service (NCS) has begun enforcing a 4% charge on the Free On-Board (FOB) value of imports as mandated by the Nigeria Customs Service Act (NCSA) 2023.
- This charge is calculated based on the total value of imported goods, including the cost of goods and transportation expenses up to the port of loading. The measure is aimed at enhancing the effectiveness of customs operations.
- Additionally, stakeholders have raised concerns about the continued collection of the 1% Comprehensive Import Supervision Scheme (CISS) fee, which is a regulatory charge used to fund Nigeria’s Destination Inspection Scheme alongside the 4% FOB charge.
- In response to these concerns, the NCS has assured the public that discussions are ongoing with the Federal Ministry of Finance to address the issues raised by stakeholders.
