Nigeria’s non-oil exports surged by 19.63 per cent year-on-year in the first half of 2025, driven by foreign exchange policy reforms that dismantled the country’s rigid multiple-rate system, according to data from the Budget Office of the Federation.
The report showed that non-oil exports increased to $3.23 billion in the first half of 2025, representing a 19.63 per cent growth compared with $2.70 billion in the same period of 2024.
Export volumes also expanded to 4.04 million metric tonnes from 3.83 million tonnes, reflecting strong international demand for Nigerian products beyond oil.
Budget Office Director-General Taminu Yakubu in a statement said that Tinubu’s Forex reforms, including the unification of Nigeria’s foreign exchange windows and clearance of a multi-billion-dollar Forex backlog, had restored investor confidence and allowed the naira to find a more realistic value.
According to him the turnaround was made possible by three key factors: rising oil receipt, strong inflows from diaspora remittances and clearance of over N4 billion in
Crediting Nigeria’s recent currency rebound to higher oil receipts, strong diaspora remittances, and the clearance of foreign exchange backlogs, he said President Bola Tinubu’s foreign exchange reforms have repositioned the Naira as a tool of competitiveness rather than weakness.
He recalled that when the administration scrapped multiple exchange windows in 2024, the Naira initially depreciated sharply, sparking widespread fears of economic collapse.
The naira, which plunged to N1,800/$1 in March 2024, has since strengthened more than 15 per cent to N1,525/$1 as of August 2025.