NEPC: Non-oil Exports Earned $2.54bn at Half-Year

James Emejo in Abuja

The Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, yesterday disclosed that the country generated $2.54 billion from non-oil exports in the first half of the year (H1 2023).

This was a slight decline of 0.09 per cent compared to the $2.59 billion recorded in H1 2022.

Speaking at the presentation of the Half-Year Progress Report on the Non-oil Export Performance for 2023, Yakusak attributed the marginal decline to the February/March 2023 general election and subsequent transition in government which possibly affected economic activities.

He also stated that changes in global economic conditions, including a slowdown in demand or decline in commodity prices impacted negatively on non-oil export performance.

Nonetheless, the NEPC boss said in spite of the slight dip in non-oil export returns, “I am still optimistic that we shall reach the $5 billion mark we had earlier projected at the beginning of the year.”

He stressed that the non-oil export sector currently remained the only credible alternative to increasing foreign exchange earnings for the country.

He, therefore, urged Nigerians to imbibe an export culture that will complement the efforts of the council and the federal government in promoting the export of Made-in-Nigeria products in the international market.

Citing data from the various pre-shipment inspection agents, he said a total of about 3.94 million metric tons of products were exported in the review period, adding that 224 different products ranging from manufactured, semi-processed, solid minerals to agricultural commodities were exported.

Yakusak, said of the top 15 products exported within the period, urea, cocoa beans, cashew nut/kernels, sesame seed and soya beans/meal were top on the list respectively.

According to him, about 1.09 million metric tons of products worth $175.476 million, representing 6.91 per cent of the total exports, were exported to 13 ECOWAS countries.

He said 859 companies participated in the non-oil export trade in the period under review, adding that Indorama-Eleme Fertilizer and Chemical Limited took the lead with $282.55 million while Dangote Fertilizer Limited recorded the second-highest value of $199.87 million.

As part of the various initiatives to boost non-oil receipts, the NEPC boss said the council and the Nigerian Universities Commission (NUC) recently agreed to partner towards the introduction of Export Promotion as a course of study in the nation’s universities.

He said in fulfilment of that collaborative effort, a Memorandum of Understanding (MoU) would soon be signed between both agencies, adding that with over 200 universities in the country, the course when introduced would go a long way in making undergraduates employers of labour and self-reliant even after graduation.

He said, “This initiative will further complement the efforts of NEPC at promoting the Export4Survival Campaign which is targeted at increasing the export of Nigeria’s non-oil products.”