Nigeria's non-oil exports more than doubled to ₦18.43 trillion in the first half of 2025, helping the country maintain a trade surplus of ₦12.64 trillion, despite lower crude oil earnings. Data from the National Bureau of Statistics (NBS) showed that non-oil exports rose sharply from ₦8.79 trillion in the first half of 2024, driven largely by agricultural products and solid minerals—sectors where small and medium enterprises (SMEs) are playing increasingly important roles.
While crude oil exports dipped to ₦24.92 trillion from ₦28.10 trillion in the same period last year, the share of crude oil in total exports dropped to 52.6%, down from over 70% in 2024. This shift highlights Nigeria's gradual move towards revenue diversification and greater reliance on non-oil sectors where SMEs dominate production and value chains.
On a quarterly basis, trade surplus rose by 44.3%, with exports climbing to ₦22.75 trillion in Q2 2025, while imports edged down to ₦15.29 trillion. Analysts say the stronger non-oil performance provides stability for the economy and creates new growth windows for SMEs in export-driven industries.
Read also,
Experts attribute the improved fiscal outlook to two main factors: rising non-oil exports and a sharp decline in crude oil theft. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crude oil losses fell to 9,600 barrels per day in 2025—the lowest in 16 years—thanks to policy reforms under the Petroleum Industry Act (PIA) and better collaboration with security agencies, operators, and host communities.
Investment analysts at Afrinvest West Africa noted that the reduced oil theft not only improves government revenues but also stabilises foreign exchange (forex) inflows. With the naira already gaining value in 2025, higher export volumes could ease forex pressure and strengthen investor confidence.
For SMEs, the message is clear: opportunities in agro-processing, solid minerals, and export-oriented businesses are expanding as global demand rises and Nigeria diversifies away from oil. With policy reforms supporting security and regulation, SMEs are better positioned to scale up production, access international markets, and benefit from improved forex liquidity.
