NEPC Says Nigeria Generates $2.539bn from Non-Oil Export

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NEPC Says Nigeria Generates $2.539bn from Non-Oil Export

NEPC Says Nigeria Generates $2.539bn from Non-Oil Export

The Nigerian Export Promotion Council (NEPC) on Monday said that non-oil exports in the first half of 2023 generated 2.539 billion dollars, 0.09% below the record achieved in the comparable year in 2022.

The Executive Director of NEPC, Dr Yakusak Ezra, said this in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023. Yakusak said that the sector recorded a dip in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions.

He said the non-oil export returns from the various pre-shipment inspection agents indicated that 3,944,344.17 metric tonnes of products worth 2.539 billion dollars was exported between January and June 2023.

He said that the figure was against the sum of 2.593 billion dollars for the corresponding period of 2022. “From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review.

“The reasons for this slight decrease could be attributed to but not limited to the general election that was held in February/March 2023 and subsequent transition in government which might have likely affected economic activities.

“Also 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,’’ NEPC chief said.

He said that 224 different products were exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.

According to him, of the top 15 products exported in the first half-year of 2023, urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal were top, respectively.

He added that a total of 1,058,791.27 metric tonnes of products worth 175.476 million dollars which amounts to 6.91 per cent of the total export value were exported to 13 Economic Community of West African States (ECOWAS) countries.

“A total number of 859 companies participated in the non-oil export trade in the period under review.

“It is worthy to note that Indorama-Eleme Fertiliser and Chemical Ltd took the lead with 282,553,286.15 million dollars in value terms while Dangote Fertiliser Ltd recorded the second-highest value of 199,871,962.29 dollars respectively,’’ he said

Yakusak said that 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 per cent.

He said that United Bank of Africa (UBA) Plc and First Bank of Nigeria had 10.50 per cent and 9.87 per cent respectively. Yakusak, however, expressed concern that the volume of inter-African trade was still very low.

“This is glaring considering the fact that no African country made it to the top 15 importers of Nigerian products…164, 748.75 metric tonnes of products valued at 55.085 million dollars were exported to various African countries.

“This amounts to 2.17 per cent of the total export value recorded between January and June 2023.

“This is quite insignificant compared to products valued at 252,056,554.18 dollars imported by Vietnam alone, which constitute 9.93 per cent of the total export value recorded within the same period,’’ he said.

The NEPC boss expressed optimism that the implementation of the Africa Continental Free Trade Area (AfCFTA) and its attendant benefits would increase the volume and value of trade among African countries. #NEPC Says Nigeria Generates $2.539bn from Non-Oil Export

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