Nigeria’s Cocoa, cashew hit abroad

Nigeria’s push toward export diversification recorded significant progress in 2025, with non-oil exports rising to ₦12.36 trillion from ₦9.09 trillion in 2024.

Data from the National Bureau of Statistics shows that agricultural products accounted for 41.04% of total non-oil exports, underscoring the sector’s growing importance.

Exports were largely driven by cocoa, which made up 24.61% of total non-oil exports, alongside strong contributions from cashew and sesame.

According to the Nigerian Export Promotion Council, export volume also increased to 8.02 million metric tonnes in 2025, up from 7.29 million metric tonnes in 2024, representing a 10% growth. This indicates that the expansion was driven not only by higher prices but also by increased shipment volumes to international markets.

Despite the growth, Nigeria’s agricultural export base remains concentrated in a few key commodities, particularly cocoa, leaving earnings vulnerable to fluctuations in global prices.

Although the NBS now classifies the data under “major traded agricultural products” from the second quarter of 2025, the composition remains largely export-driven, making it a reliable indicator of Nigeria’s agricultural export performance.

Among the commodities, soya bean exports (excluding seeds) declined significantly in 2025. Export value stood at ₦47.48 billion, accounting for just 0.38% of non-oil exports, with a sharp year-on-year drop of 62.08%.

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The decline is attributed to domestic production challenges and increased global competition in the soybean market. Major export destinations included India, Canada, the United States, Sri Lanka, and Gabon.