Over 55% Of Nigeria’s Export Proceeds Earned Through Zenith, First Bank, GTB

… Non-Oil Exports Surge 19% To $3.23bn Despite Global Trade Tension

…FG Expands Exports Under AfCFTA Framework, Shipped 663 Million MT To 21 African Countries

Three Nigerian banks-Zenith Bank Plc, First Bank of Nigeria Plc, and Guaranty Trust Bank Plc processed more than half of the country’s non-oil export proceeds in the first half of 2025, the Nigerian Export Promotion Council (NEPC) has revealed.

According to the Council’s Half-Year Non-Oil Export Performance Report, the trio accounted for 55.89 per cent of all Nigeria Export Proceeds (NXPs) within the period.

Zenith Bank led the ranking with 31.98 per cent, followed by First Bank with 12.44 per cent, and GTB with 11.47 per cent.

A total of 29 banks participated in processing export transactions, with 10,214 NXPs opened for non-oil exports between January and June 2025.

Overall, Nigeria’s non-oil exports rose by 19.6 per cent year-on-year to $3.23bn in H1 2025, up from $2.70bn in the same period of 2024.

Export volumes also grew to 4.04 million metric tonnes from 3.83 million metric tonnes last year, despite global trade uncertainties and the recent tariff hikes by the administration of former U.S. President Donald Trump.

The Executive Director/CEO, Nonye Ayeni attributed the growth to higher demand for Nigerian commodities, expanded access to markets through the African Continental Free Trade Area (AfCFTA), and government-backed interventions to boost quality, standards, and value addition.

Ayeni said Nigeria exported 663 million metric tonnes of goods to 11 ECOWAS countries in the first half of 2025, with an additional $83.54m worth of products shipped to 21 African countries outside ECOWAS.

This represents an increase in both value and volume compared to last year.

She noted that the AfCFTA framework had created new opportunities for Nigerian exporters, especially small and medium-sized enterprises (SMEs), by removing tariff barriers and expanding regional market access.

Cocoa beans and derivatives retained their position as Nigeria’s top non-oil export, accounting for 41.11 per cent of total export value in the first half of 2025, up from 23.18 per cent in 2024.

Urea/fertiliser ranked second with 17.65 per cent, followed by cashew nuts at 12.35 per cent and sesame seeds at 4.23 per cent.

The Netherlands, the United States, and India were the top three destinations for Nigerian non-oil exports, taking 18.64 per cent, 8.42 per cent, and 8.36 per cent of the total value respectively.

Nigeria exported 236 distinct non-oil products during the review period a 16.83 per cent increase from the 202 recorded in the first half of 2024.

The mix ranged from agricultural commodities and extractive industry outputs to semi-processed and manufactured products, reflecting a gradual shift towards higher-value exports.

Among the top exporting companies, Indorama Eleme Fertilizer and Chemicals Limited led with 11.92 per cent of export value, followed by Starlink Global & Ideal Limited (8.82 per cent) and Dangote Fertilizer Limited (6.39 per cent).

Ayeni highlighted several NEPC initiatives aimed at strengthening Nigeria’s export capacity.

These included 252 training programmes benefiting 27,352 participants across the country in areas such as export documentation, good manufacturing practices, and international standards compliance.

The Council also fully funded FDA and HACCP certifications for 200 SMEs to reduce export rejections and enhance competitiveness in global markets.

As part of its corporate social investment, the NEPC distributed 23,347 hybrid seedlings, including cocoa, sesame, and oil palm to 3,470 farmers nationwide to boost quality and output.

Nigeria has been selected as one of only four global pilot beneficiaries, and the sole African country, for the World Trade Organization’s Women Exporters in the Digital Economy (WEIDE) fund.

The scheme, to be launched in Abuja on August 14 by WTO Director-General Ngozi Okonjo-Iweala, will support women-led businesses in accessing global digital trade opportunities.

Ayeni reaffirmed the NEPC’s commitment to increasing both the volume and value of non-oil exports, diversifying product offerings, and expanding market access, particularly within Africa.

“We are confident that with sustained collaboration between government, exporters, and development partners, Nigeria can become a hub for competitive, high-quality products in both regional and global markets,” she said.

The Council’s strategic focus, she added, aligns with President Bola Tinubu’s Renewed Hope Agenda, which targets job creation, poverty alleviation, and economic diversification away from oil dependence.

Source: TheWhistler | Continue to Full Story…