The Federal Government has reiterated its commitment to prioritising non-oil exports as part of efforts to reduce the country’s heavy dependence on oil, which currently accounts for over 90 percent of Nigeria’s export earnings.
Minister of Industry, Trade and Investment, Jumoke Oduwole, made this known at the 31st Nigerian Economic Summit held in Abuja.
“One important section of our new plan is expanding non-oil exports. We’ve identified new friends, and we’ve also engaged strategically with old friends,” Oduwole stated.
The Minister highlighted that the government’s renewed focus on non-oil exports is designed to strengthen foreign exchange stability, create jobs, and open new trade opportunities for Nigerian businesses.
In an earlier interview with CNN in August, Oduwole said Nigeria was “exploring other alternatives” in response to the U.S. tariff regime and the expiry of the African Growth and Opportunity Act (AGOA) in September.
“Urea fertiliser is in high demand in Brazil. We have trading partnerships with China, Japan, and the UAE, and we continue to look for opportunities for our Nigerian businesses,” she said.
She further disclosed that Japan has now officially recognised Nigeria’s sesame exports, which account for about 40 percent of Japan’s sesame imports, under a government-to-government arrangement.
Oduwole reaffirmed that the Tinubu administration is determined to build a more export-driven economy anchored on value addition, innovation, and strategic global partnerships.
