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By Progress Godfrey
The Nigerian Export promotion Council (NEPC) has urged agro-exporters to tap the European Union’s over 400 million-strong consumer market, warning that non-oil exports account for only 10 percent of total trade with the bloc despite a $21.87 billion trade volume in 2024.
Executive Director and CEO of NEPC, Mrs Nonye Ayeni, made the disclosure during the 8th series of NEPC webinars yesterday, themed, “EU Regulations for Importation of Nigeria’s Agri-food Products”, adding that the figures represented a significant opportunity to expand Nigeria’s non-oil export footprint.
According to her the EU remains one of Nigeria’s most strategic trade partners, accounting for about 26 percent of Nigeria’s total trade with key exports including cocoa, cocoa products, oilseeds, agricultural produce, fish, seafood, rubber, leather, and wood.
She stated: “Available statistics show that Nigeria’s total export to the EU in 2024 stood at $21.87 billion, while EU export to Nigeria was $20.2 billion. Non-oil export represents about just 10% of Nigeria’s total export to the EU.
“This represents an opportunity for us to further grow our market share in the EU so it becomes more significant again, as Nigeria experiences increase in non-oil exports, and considering that Nigeria is endowed with numerous agricultural products and commodities. So this is an opportunity to improve the bilateral trade between Nigeria and the EU.
“As you are aware, global trade today is no longer driven by price and availability, it’s increasingly governed by standards, regulations, traceability requirements and sustainable principles. Nigeria is abundantly blessed with agricultural resources and a wide range of exportable agri-food products including cocoa, sesame, hibiscus, ginger, and spices.
“When value is added to these commodities instead of exporting them raw, we’re able to earn a premium price in the global market and also be able to create jobs, domestic industrialization, reduce poverty and then contribute immensely to the national economic diversification.”