The Nigerian non-oil export sector is performing sub-optimally, but naira devaluation makes it look bigger than it really is.
The Nigerian Export Promotion Council (NEPC) recently reported that the nation earned N9.65 trillion from non-oil exports in 2024, representing a rise from N3.14 trillion recorded in 2023. In naira terms, the 2024 non-oil export value represents three times the 2023’s.
At first glance, it seems like a success story. However, a deeper look tells a different story.