Nigeria’s Non-Oil Exports to EU Remain Low Despite $21.87bn Trade Volume, Says NEPC

The Nigerian Export Promotion Council (NEPC) has called on Nigerian agro-exporters to strategically explore the European Union’s vast market of over 400 million consumers. NEPC emphasized that non-oil exports currently constitute only 10% of Nigeria’s total trade with the EU, even though the total trade volume reached $21.87 billion in 2024.

This insight was shared by Mrs. Nonye Ayeni, Executive Director and CEO of NEPC, during the 8th edition of the NEPC webinar series, themed “EU Regulations for Importation of Nigeria’s Agri-Food Products”. She highlighted that these figures present a significant opportunity for Nigeria to enhance its non-oil export portfolio.

Mrs. Ayeni noted that the EU remains one of Nigeria’s most strategic trading partners, accounting for approximately 26% of the country’s total trade. Key exports to the EU include cocoa and cocoa products, oilseeds, agricultural produce, fish, seafood, rubber, leather, and timber products.

“Data from 2024 indicates that Nigeria exported goods worth $21.87 billion to the EU, while imports from the EU totaled $20.2 billion. Surprisingly, non-oil exports form only about 10% of this total export volume,” she said.

She emphasized that this scenario provides an opportunity to increase Nigeria’s presence in the EU market, particularly as the country continues to expand its non-oil exports. Given Nigeria’s abundant agricultural resources, including cocoa, sesame, hibiscus, ginger, and spices, there is significant potential to boost trade with the EU by meeting its stringent standards.

Mrs. Ayeni further explained:

“Global trade today is no longer driven solely by price and availability. It is increasingly shaped by standards, regulations, traceability requirements, and sustainability principles. By adding value to raw commodities, Nigerian exporters can command premium prices, create jobs, foster domestic industrialization, reduce poverty, and diversify the national economy.”

The NEPC continues to encourage Nigerian agro-exporters to embrace value addition, certification, and EU compliance to fully capitalize on the lucrative European market. This proactive approach can help Nigeria maximize its export potential and solidify stronger bilateral trade relationships with EU member states.