Nigeria's Oil Sector Remains Dominant Economic Driver Amid Calls for Non-Oil Growth

Nigeria's economy remains heavily reliant on its oil sector, according to Dr. Patrick Ejumedia, Head of Research at Sterling Asset Management and Trustees Limited.

Ejumedia stated that despite efforts to boost non-oil exports, the country must significantly increase these exports if it hopes to reduce its dependence on oil.

Nigeria's export figures demonstrate the dominance of crude oil and refined petroleum products in the country's total exports. With a combined value of approximately $23 trillion, this underscores the oil sector's driving force behind Nigeria's economy.

Ejumedia noted that while crude oil production and refined petroleum production are increasing, non-oil exports have also seen significant growth, with a 22% increase in certain products.

The Dangote Refinery is transforming Nigeria's trade landscape by increasing domestic refining and reducing the country's reliance on imported refined petroleum products. This shift has led to increased domestic consumption of crude oil, followed by its export as refined petroleum products to neighboring West African countries.