shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » OPS Urges Swift Diversification As Nigeria’s Exports Surge in Q2 2023

OPS Urges Swift Diversification As Nigeria’s Exports Surge in Q2 2023

By Oluyinka Onigbinde

by Joshua
September 18, 2023
in Featured, News

In a resounding response to the recent report on foreign trade in goods statistics, released by the National Bureau of Statistics (NBS), the Organized Private Sector (OPS) in Nigeria’s logistics and trade industry has raised a fervent call for diversification in the country’s export portfolio.

The OPS influential figures such as Mr. Segun Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria (MAN), and Mr. Muda Yussuf, CEO of the Center for Promotion of Private Enterprise (CPPE), have expressed both optimism and caution regarding the significant surge in Nigeria’s exports during the second quarter of 2023.

The NBS report released last week had painted a promising picture, with total exports surging to a remarkable ₦7,015.71 billion in Q2 2023, out of a total trade value of N12,741.96 billion. This represents an impressive 8.15% increase compared to the first quarter of 2023 when exports amounted to ₦6,487.04 billion.

Moreover, the report indicates a 5.20% improvement over the export performance of the same quarter in 2022, which recorded ₦7,400.89 billion in exports.

Mr. Kadiri of MAN lauded this export growth, asserting that it speaks well for Nigeria’s economic prospects, even as he underscored the pivotal role played by the manufacturing sector, citing the surge in the value of manufacturing goods exports, which skyrocketed to ₦212.1 billion in the second quarter of 2023, up from ₦131.1 billion in 2022.

Kadiri emphasized that this development marked a significant stride towards diversifying Nigeria’s export portfolio away from over-reliance on oil.
However, Mr. Yussuf of CPPE, while acknowledging the importance of crude oil exports, which still constitute about 95% of Nigeria’s total export value, stressed the pressing need for diversification.

He cautioned against complacency, citing untapped potential in non-oil sectors.
Yussuf raised concerns about challenges in the foreign exchange market, where scarcity and high costs have significantly impacted imports. He pointed out that businesses are grappling with obtaining foreign exchange at competitive rates, hampering their ability to procure essential supplies and raw materials.

Analyzing the export surge, data revealed a diverse range of export categories in Q2 2023. “Mineral products” led the way, contributing ₦6,377.08 billion or 90.90% of total export value, primarily propelled by oil and gas exports. Europe emerged as the primary destination for Nigerian exports, absorbing goods valued at ₦3,160.67 billion (45.05% of total exports), followed closely by Asia with ₦1,728.74 billion (24.64% of total exports). The Americas received exports totalling ₦1,372.23 billion (19.56% of total exports), while the African continent, including ECOWAS countries, received exports valued at ₦747.84 billion (10.66% of total exports).

Among the top export destinations, The Netherlands recorded the highest value at ₦788.85 billion (11.24% of total exports), followed closely by the United States of America with ₦718.63 billion (10.24%). Indonesia, France, and Spain rounded out the top five, collectively accounting for 44.23% of the total export value in Q2, 2023.

But, Mr Olatunbosun Johnson, a prominent exporter, echoed the OPS’ call for diversification, emphasizing the need to reduce Nigeria’s traditional reliance on oil exports.

He specifically advocated for a shift towards non-oil exports to create a more resilient and diversified economy. Johnson highlighted the potential of Nigeria’s agricultural sector, solid minerals, and the importance of value addition to boost manufacturing exports. He emphasized that with fertile land and favourable climate conditions, Nigeria can significantly increase its exports of products like cocoa, palm oil, rubber, and cashew nuts.


Related Posts

Niger Govt To Create Free Trade Zones – Gov. Bago

Arewa Economic Forum Declares Support For Ag. CG Customs;  Adewale Adeniyi

September 27, 2023
Tin Can Customs Raises Concerns Over Drop In Vehicle Imports Amid Global Economic Challenges

Tin Can Customs Raises Concerns Over Drop In Vehicle Imports Amid Global Economic Challenges

September 27, 2023
Inland Dry Ports are Crucial Facilitators of Trade, Commerce – Comptroller Umar

Inland Dry Ports are Crucial Facilitators of Trade, Commerce – Comptroller Umar

September 27, 2023
Niger Govt To Create Free Trade Zones – Gov. Bago

Niger Govt To Create Free Trade Zones – Gov. Bago

September 27, 2023

Latest News

Niger Govt To Create Free Trade Zones – Gov. Bago

Arewa Economic Forum Declares Support For Ag. CG Customs;  Adewale Adeniyi

September 27, 2023

Tin Can Customs Raises Concerns Over Drop In Vehicle Imports Amid Global Economic Challenges

Inland Dry Ports are Crucial Facilitators of Trade, Commerce – Comptroller Umar

Niger Govt To Create Free Trade Zones – Gov. Bago

Vessels Expected At Lagos Ports As At 26th September, 2023

MARAN’s MAMAL 2023 Conference Targets Maritime Security In Gulf Of Guinea Amid Rising Threats

Customs Intercepts IED Raw Materials, Other Contraband Goods Worth N1.6bn

Navy Dismisses Corruption Allegations Against Officer

Vessels Expected At Lagos Ports As At 25th September, 2023

Do you think acquiring the NIMASA floating was a waste of resources?

Diplomatic Row Heightens As Nigeria, MOWCA Lock Horns Over Secretary General Position

How Lack of Port Community System Leads To Over N50bn Revenue Loss In 5 Years, 1,000 Man-Hour Loss Daily

kindly like our Facebook page

Health

How Your Habit Affects Fertility
Health

How Your Habit Affects Fertility

September 19, 2023

Fertility is such a complex process that starting a family does not always come with guarantees. There are many processes...

5 Health Benefits Of Eating Eggs Daily

5 Health Benefits Of Eating Eggs Daily

September 18, 2023
One Out Of 3 Adults Is Hypertensive – Cardiologist

One Out Of 3 Adults Is Hypertensive – Cardiologist

September 18, 2023
NAFDAC Procures 40 Detection Devices To Curb Importation Of Bad Medicine, Says D-G

YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

September 13, 2023
YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

YOU ARE WARNED: Certificate To Varsity To Produce Herbal Capsule For Diabetes Has Expired

September 4, 2023
Some Potentially Poisonous Foods Nigerians Love To Eat

Some Potentially Poisonous Foods Nigerians Love To Eat

September 4, 2023
Some Health Benefits Of Scent Leaf You Should Know

Some Health Benefits Of Scent Leaf You Should Know

September 4, 2023
BREAKTHROUGH: NAFDAC Approves Varsity’s Herbal Medicine For Diabetes

BREAKTHROUGH: NAFDAC Approves Varsity’s Herbal Medicine For Diabetes

August 31, 2023
Health Benefits Of Corn

Health Benefits Of Corn

August 31, 2023
HEALTH FACTS: Walking is nearly as healthy as running

HEALTH FACTS: Walking is nearly as healthy as running

August 31, 2023

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition