Nigeria's exports to Europe, excluding oil, remain low at 10%, despite a total trade value of $21.87 billion, according to the NEPC.

The Nigerian Export Promotion Council is encouraging agro-exporters to capitalize on the vast European Union market, which boasts over 400 million consumers, given that non-oil exports currently account for a mere 10 percent of total trade with the EU, despite a substantial trade volume of $21.87 billion in 2024.

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Executive Director and CEO of the NEPC, Mrs Nonye Ayeni, revealed this information during the 8th series of NEPC webinars, which focused on the theme "EU Regulations for Importation of Nigeria's Agri-food Products", and emphasized that these figures present a significant opportunity for Nigeria to expand its non-oil export footprint.

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The EU remains a crucial trade partner for Nigeria, accounting for approximately 26 percent of the country's total trade, with key exports including cocoa, cocoa products, oilseeds, agricultural produce, fish, seafood, rubber, leather, and wood.

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According to Mrs Ayeni, available statistics indicate that Nigeria's total export to the EU in 2024 was $21.87 billion, while the EU's export to Nigeria stood at $20.2 billion, with non-oil exports making up only about 10 percent of Nigeria's total export to the EU.

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This disparity represents a chance for Nigeria to increase its market share in the EU and make its presence more significant, particularly as the country experiences growth in non-oil exports and leverages its abundant agricultural products and commodities.

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Improving bilateral trade between Nigeria and the EU is a key opportunity, as global trade is now driven by factors such as standards, regulations, traceability requirements, and sustainable principles, rather than just price and availability.

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Nigeria is endowed with a wide range of agricultural resources and exportable agri-food products, including cocoa, sesame, hibiscus, ginger, and spices, which can be used to earn premium prices in the global market and create jobs.

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By adding value to these commodities instead of exporting them raw, Nigeria can also achieve domestic industrialization, reduce poverty, and contribute significantly to national economic diversification, according to Mrs Ayeni.