Nigeria's Non-Oil Sector Growth and Diversification Urged

In the first quarter of 2026, Nigeria's non-oil sector contributed 96.08% to the nation's gross domestic product, according to the National Bureau of Statistics (NBS). Agriculture rebounded sharply, achieving a growth rate of 3.15%, up from 0.07% the previous year.

Non-oil exports reached N3.19 trillion, a slight increase from N3.17 trillion in Q1 2025, while full-year 2025 non-oil export earnings hit a record $6.1 billion, driven by agricultural commodities, processed goods, and solid minerals. However, a structural gap remains, as agriculture and solid minerals are primarily dominated by raw and semi-processed exports.

Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, emphasized the need for deeper investment in fewer priority non-oil sectors to mitigate risks associated with Nigeria's heavy reliance on crude oil and liquefied natural gas, which constitute over 80% of exports to the United States. He urged the federal government to accelerate export diversification in light of a 12.5% tariff imposed by the U.S. on selected Nigerian exports.