According to the Nigerian Export Promotion Council (NEPC), Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating $2.7 billion in revenue.
NEPC Managing Director Nonye Ayeni, stated this while launching a progress report on Nigeria’s non-oil export performance in Abuja on Wednesday.
Ayeni said the figure represents a 6.26 percent increase compared to the $2.539 billion earned in the same period in 2023.
The significant increase in export earnings highlights the country’s ongoing efforts to diversify its economy away from oil dependency.
Ayeni also said the growth was due to several key factors, including the successful transition of power in May 2023 and policy progress under President Bola Tinubu’s Renewed Hope Agenda. She also acknowledged NEPC’s “Operation Double Your Exports” initiative, which focuses on partnerships, advocacy, capacity building, and export intervention programs.
“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base.
“The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives,” she said.
On product diversification and market penetration, the NEPC chief revealed that a total of 211 different products were exported from Nigeria during the period.
This indicates a shift from traditional agricultural products to more semi-finished and finished products, she said. According to them, the best performer was cocoa beans, accounting for 23.18% of total non-oil exports, followed by urea/fertilizer and sesame with 13.78% and 11.04% respectively.
She noted the growing importance of new export products such as fresh vegetables, citrus peels, and sorghum, which are gaining importance in the global market.
“These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio,” she said.
In terms of major exporters and financial institutions, the NEPC representative said Indorama Eleme Fertilizer and Chemical Limited topped the top 20 with exports of $198.8 million.
He said Starlink Global and Ideal Limited followed closely behind with $184.7 million, while Outspan Nigeria Limited exported $177.75 million worth of cocoa.
“Other notable contributors included Dangote Fertiliser Limited and Metal Recycling Industries Limited.
“In terms of financial support, Zenith Bank Plc dominated the non-oil export transactions, handling 43.09 percent of the total Non-Oil Export Proceeds (NXPs).
“It was followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56 percent and 6.38 percent,” she said.
She called on more financial institutions to seize opportunities in the non-oil export sector, especially with regard to the African Continental Free Trade Area (AfCFTA).
In their view, this is aimed at improving exporters’ capacity and access to international markets. She said Nigeria’s non-oil products are exported to 122 countries in Africa, America, Asia, Europe and Oceania.
“The top three importing countries are the Netherlands, Malaysia, and Brazil.
“Interestingly, Ghana is the only African country to make it into the top 15 global importers of Nigerian products, occupying the 14th position.
“Within the African continent, 14 ECOWAS member countries imported Nigerian products worth 156.117 million dollars, amounting to 5.79 percent of the total export value.
“The majority of these exports, 95.08 percent, were routed through Nigeria’s seaports, with the remainder distributed via international airports and land borders,” she said.
She expressed the Board’s resolve to work with key stakeholders to boost export growth.
“I am optimistic that with the several export intervention programmes and projects, we have started and are ongoing.
“The sector is positioned to contribute immensely to the country’s Gross Domestic Product (GDP), increase the country’s foreign exchange earnings, and, thereby, ensure sustainable economic growth,” she said.
