Non-oil export value dips to N1.9tr

The value of Nigeria’s non-oil exports has recorded a slight drop from $2.593 billion in 2022 to $2.53 billion (N1.9 trillion at N804/1$) in the first half of 2023, the Nigerian Export Promotion Council (NEPC) has said.

The Executive Director of NEPC, Dr Ezra Yakusak, stated this yesterday in Abuja while addressing the media on the first half-year progress report on non-oil sector performance for the year 2023.

“The sector recorded a slight dip in the value of export in the first half-year of 2023. The non-oil export returns from the various pre-shipment inspection agents indicated that 3.944 million metric ton of products worth $2.539 billion were exported in the first half of 2023 (January to June 2023)  as against the sum of $2.593 billion for the corresponding period of 2022.

“From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review.”  

He attributed the slight decrease to, “The general election that was held in February/March 2023 and subsequent transition in government which might have likely affected economic activities as well as changes in global economic conditions, such as a slowdown in global demand or decline in commodity prices which might have negatively impacted non-oil export performance.”

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He, however, stated that with the unification of fx rates, the Council is targeting at least $5bn from non-oil export by year-end.

On the products exported, he noted that a total number of 244 different products was exported of which urea, cocoa beans, cashew nut/kernels, sesame seed and soya beans/meal were top on the list.

Speaking further, the NEPC DG revealed that, “A total number of 859 companies participated in the non-oil export trade in the period under review. Indorama-Eleme Fertilizer and Chemical Limited took the lead with $282.5 million in value terms while Dangote Fertilizer Limited recorded the second-highest value of $199.8 million respectively.

Also, “30 banks participated in the issuance of the Nigeria Export Proceed Forms (NXPs) for the first half-year of 2023 with Zenith Bank PLC processing the highest NXPs value at 38.11%, while United Bank of Africa (UBA) Plc and First Bank of Nigeria had 10.50% and 9.87% respectively.

Also, 18 exit points were used in the period under review. These include seaports, international airports and land borders. The seaports however accounted for over 90 per cent of the total non-oil export in the period under review,” he said.

Asked why African countries are not part of the top exporting countries, Dr Yakusak said the implementation of the National Trade Policy and the African Continental Free Trade Area (AfCFTA) will greatly increase the volume and value of trade among African countries.