N12.36tr Non-Oil Exports Signal Economic Shift, Says Pro-Tinubu Group

N12.36tr Non-Oil Exports Signal Economic Shift, Says Pro-Tinubu Group

JOEL OLADELE, Abuja

Nigeria’s rising non-oil export earnings have been described as a clear sign of the country’s gradual shift away from heavy dependence on crude oil revenue.

The Tinubu Media Support Group (TMSG) made this known in a report signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo.

The group said the latest non-oil export figure of N12.36 trillion, released by the National Bureau of Statistics (NBS), highlights the impact of ongoing efforts to diversify the Nigerian economy.

According to the report, non-oil exports grew significantly from N9.09 trillion in 2024 to N12.36 trillion in 2025, reflecting sustained expansion in key sectors.

“For us, it is a clear testimony to the commitment of the administration of President Bola Tinubu to diversify the Nigerian economy,” the group stated.

While acknowledging that crude oil remains Nigeria’s primary source of foreign exchange, TMSG said recent trends suggest a deliberate move to build alternative revenue streams.

“There is no doubt that the oil sector remains the foreign exchange cash cow for the federation, but the performance of the non-oil sector in recent years shows that the country is, more than ever before, keen on economic diversification,” the report noted.

It also referenced data from the NBS Foreign Trade in Goods Statistics, which showed improved export performance across agriculture, manufacturing, and solid minerals.

Providing further context, the group noted that non-oil exports had declined to N2.56 trillion in the year President Tinubu assumed office, down from N3.14 trillion in 2022. However, the figure rebounded sharply to N9.09 trillion in 2024 before rising further to N12.36 trillion in 2025.

“This is a reflection of the administration’s commitment to expanding the nation’s economic base in such a way that the country would not be vulnerable to global oil price shocks,” the report added.

The group also pointed out that non-oil export earnings had already exceeded N9 trillion within the first nine months of last year, describing it as the strongest showing in the sector since 2020.

A breakdown of the figures, according to TMSG, indicates that the solid minerals sector recorded the most significant growth, followed closely by agriculture, underscoring renewed attention to these areas.

The group expressed optimism that the sector would sustain its upward trajectory, noting that continued reforms and policy support could further strengthen Nigeria’s export base and overall economic stability.