The Independent Media and Policy Initiatives (IMPI) has stated that the recent report of $1.7 billion export earnings posted for the first quarter of 2025 by the Nigerian Export Promotion Council (NEPC) has signaled the huge potential of non-oil export.
Omoniyi M. Akinsiju (PhD), chairman of IMPI, explained in Abuja on Tuesday while briefing newsmen on the economy, that in 2024, Nigeria earned N9.65 trillion from non-oil exports, following a report from the Nigerian Export Promotion Council (NEPC).
According to him, it represents a significant increase from the N3.14 trillion recorded in 2023, stressing that in terms of US dollars, Nigeria’s non-oil exports reached $5.45 billion, a 20.7 percent increase compared to the previous year.
Akinsju further explained, “The increase in non-oil exports underscores the huge potential of the non-oil sector, signaling that it is time to diversify the economy and reduce its reliance on oil revenue and the rising demand for Made-in-Nigeria products, for which we commend the federal administration.”
Even in current terms, he stated that despite global trade tensions, Nigeria’s non-oil exports still show a significant 24.75 per cent increase in the first quarter of 2025, reaching $1.791 billion.
He added that the increase is attributed to factors like increased economic activities and initiatives like the $50 million incentive package for female exporters.
Akinsiju advised the government to concentrate more on the services sector to drive growth through job creation.
He stated that Nigeria’s unemployment rate has been high, exceeding 33%, with youth unemployment reaching over 40%, adding that a large portion of the labour force works in the informal sector, offering fewer benefits and lower wages.
He said the rate of job creation in the private sector has not kept pace with the growing labour force.
The chairman observed that while challenges remain, particularly regarding youth unemployment, the services sector has continued to play a significant role in boosting employment.
He stated that according to the National Bureau of Statistics (NBS) report, unemployment decreased from 5.3% in Q1 2024 to 4.3% in Q2 2024, saying that the expansion of the services sector, including financial services, real estate, and ICT, had become a key driver of job creation and economic activities.
