Africa’s earnings from exports have dropped by 5.6% between 2021 and 2023, mostly because of falling oil prices and lower sales from major oil producers like Nigeria, Angola, and Algeria. This is according to a new report by the United Nations Conference on Trade and Development (UNCTAD).

The report, titled The State of Commodity Dependence 2025, shows that many African countries still depend heavily on raw materials—especially oil—to earn money from exports. But as global oil prices dropped by about 20%, the value of exports from the continent also fell.

In contrast, countries in Asia and the Middle East increased their share of global exports, thanks to higher sales from nations like Saudi Arabia and the United Arab Emirates.

UNCTAD says that 95 out of 143 developing countries rely heavily on exporting raw materials. This makes their economies weak and vulnerable to price changes in global markets. Over 80% of the world’s poorest countries fall into this category.

Globally, oil still makes up the largest part of export trade, but its share is shrinking. Meanwhile, agricultural exports have grown by 34% and mining exports have increased by 33.4% over the last decade.

The report urges countries like Nigeria to stop relying mostly on unprocessed raw exports and instead add value to their products before selling them. This, UNCTAD says, would help these countries build stronger and more stable economies.

It also noted that in early 2025, imports by wealthier countries rose, while developing nations like Nigeria saw a decline—another sign that global trade is leaving some countries behind.