Nigeria’s non-oil exports dropped to $4.5bn in 2023 – NEPC

Ayeni listed the factors responsible for the decline to include political instability in many exportable countries, rejection of some of our products, and exchange rate, among others.

Nigeria’s non-oil exports dropped to $4.5bn in 2023 - NEPC

Nigeria’s non-oil exports dropped to $4. 5bn in 2023 - nepcThe Nigerian Export Promotion Council (NEPC) has said there was a decline in monetary terms of Nigeria’s non-oil exports from about 4.8 billion dollars in 2022 to 4.5 billion dollars in 2023.

NEPC however said the volume of Nigeria’s non-oil exports in 2023 stood at 6.685 million metric tonnes of exportable products.

The Executive-Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni, said this on Thursday, in Abuja, during the presentation of the non-oil export performance for the year 2023.

Ayeni said this continued increase in volume of the nations non-oil export, reaffirms the widely held assertion that the sector held the key to the revitalisation of the country’s economy.

“An increase in the volume and value of exportable goods and services and the repatriation of export proceeds will enhance foreign exchange inflow into the country.

“It will also help to stabilise the value of the Nigerian Naira.

“For this reason, my management team and I have resolved to double our efforts towards playing our part in repositioning the sector for sustainable and inclusive economic growth,” she said.

Ayeni listed the factors responsible for the decline to include political instability in many exportable countries, rejection of some of our products, and exchange rate, among others.

She therefore expressed the council’s commitment to tackle most of these challenges to ensure growth of sector in the shortest possible time.

“This aligns with the Industrial Revitalisation Agenda of the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and the Renewed Hope Agenda of President Bola Tinubu.

“For job creation, poverty alleviation and economic growth, development and diversification.

“Considering that one of the major challenges facing exporters is the issue of export reject, the Council is already addressing the issues.

“By collaborating with relevant authorities to create awareness, build capacity in the area of good agricultural practices, labelling and packaging and ensure adherence to quality and standards of our exports in the global market,” she said.

On products exported, the NEPC boss said 273 different products were reported to have been exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.

She said this figure reflected a notable increase of approximately 28.04per cent compared to the preceding year.

Ayeni said the Pre-shipment Inspection Agents (PIAs), listed some among the top 20 products exported in 2023 to include Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower.

” The top commodities in terms of total exported products were Urea/Fertilizer, which accounted for 20.10 per cent while Cocoa Beans came second at 13.19 per cent.

“Sesame Seeds took the third position at 9.03 per cent, and there were quite a number of other exportable products that contributed significantly to this huge volume of exports recorded in 2023.

” So many exportable products and their derivatives such as wheat, bran. Lithium, ore, and sorghum are progressively gaining prominence as the demand for these products in the global market continues to increase.

” While their contributions are still in the process of attaining significant levels, their regular inclusion on the export table suggests a growing presence in the export landscape,” Ayeni said.

The executive director said that the top-20 exporting companies in Nigeria, Indorama-Eleme Fertilizer, and Chemical Limited took the lead with 524,327,305.66 dollars in value.

Ayeni said Dangote Fertilizer Limited recorded the second-highest value of 383,071,252.58 dollars, respectively, adding that other companies also made significant contributions in that space.

BRANDPOWER reports that Nigeria’s non-oil products penetrated markets across 124 countries in the Americas, Asia, Europe, Oceania, and Africa.

Thirteen member countries of ECOWAS (excluding Cape Verde) actively imported Nigerian products with 1,145 exporting companies actively exporting Nigeria’s products in the year 2023.

According to the NEPC boss, this figure can be improved with adequate funding, capacity building, and mentorship.