In a recent report by the Nigerian Export Promotion Council (NEPC), it was revealed that non-oil exports in the first half of 2023 yielded an impressive $2.539 billion.
The announcement came during the presentation of the first half-year progress report on non-oil export performance for 2023, which was delivered by Dr. Yakusak Ezra, the Executive Director of NEPC, in Abuja.
According to the report, there was a dip in the value of exports during the first half-year of 2023, mainly attributed to the impact of the general elections and shifts in global economic conditions. The data from various pre-shipment inspection agents indicated that a total of 3,944,344.17 metric tonnes of products, valued at $2.539 billion, were exported between January and June 2023.
Comparing the figures to the corresponding period in 2022, there was a slight decrease of 0.09 per cent. Dr. Yakusak Ezra attributed this decline to factors such as the general election held in February/March 2023 and the subsequent transition in government, which may have affected economic activities. Additionally, changes in global economic conditions, including a slowdown in global demand and fluctuations in commodity prices, likely impacted non-oil export performance.
The report highlighted that 224 different products were exported during this period, ranging from manufactured and semi-processed goods to solid minerals and agricultural commodities. Among the top 15 products exported in the first half of 2023, urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal emerged as the leading items.
A significant portion of non-oil exports, valued at $175.476 million (6.91% of the total export value), was sent to 13 countries within the Economic Community of West African States (ECOWAS).
Dr. Yakusak Ezra disclosed that 859 companies actively participated in the non-oil export trade during this period. Notably, Indorama-Eleme Fertiliser and Chemical Ltd emerged as the top exporter with a value of $282,553,286.15 million, followed by Dangote Fertiliser Ltd, which recorded a value of $199,871,962.29 dollars.
Regarding the issuance of Nigeria Export Proceed Forms (NXPs) during H1 2023, 30 banks were involved, with Zenith Bank PLC processing the highest NXPs value at 38.11 per cent. United Bank of Africa (UBA) Plc and First Bank of Nigeria followed with 10.50 per cent and 9.87 per cent, respectively.
Dr. Yakusak Ezra expressed concern about the volume of inter-African trade, pointing out that no African country featured among the top 15 importers of Nigerian products. Only 164,748.75 metric tonnes of products, valued at $55.085 million, were exported to various African countries during this period, accounting for a mere 2.17 per cent of the total export value. This paled in comparison to Vietnam, which alone imported products valued at $252,056,554.18, constituting 9.93 per cent of the total export value during the same period.
The NEPC report provides valuable insights into Nigeria’s non-oil export sector, shedding light on areas of growth and potential challenges that need to be addressed to enhance trade opportunities and boost the nation’s economy.
