Nigeria’s non-oil exports are rapidly becoming the country’s new main source of foreign currency, earning nearly as much as crude oil for the first time in decades, the National Orientation Agency (NOA) has said.
The NOA highlighted this shift in its editorial for The Explainer, a weekly publication, noting that the country’s traditional reliance on crude oil for income is changing rapidly.
For the past ten years, Nigeria’s oil and gas industry has faced many challenges. The NOA described earnings from this sector as “less than impressive” during this period. Meanwhile, exports of non-oil products have been growing steadily.