Nigeria’s non-oil exports show resilience, hit over 6.5m metric tonnes
…As pre-shipment inspection agents reveal Nigeria’s top 20 exported products in 2023
…Export sector grows with 273 different products shipped overseas — NEPC boss
The Nigerian Export Promotion Council (NEPC) has reported that the volume of Nigeria’s non-oil exports in 2023 reached 6.685 million metric tonnes of exportable products.
The Executive-Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni, made the announcement during the presentation of the non-oil export performance for the year 2023 in Abuja on Thursday.
Ayeni said that the increase in the volume of non-oil exports reaffirms the widely held assertion that the sector holds the key to the revitalisation of the country’s economy.
She added that the increase in the volume and value of exportable goods and services, as well as the repatriation of export proceeds, will enhance foreign exchange inflow into the country and help to stabilise the value of the Nigerian Naira.
Ayeni stated that her management team and she have resolved to double their efforts towards playing their part in repositioning the sector for sustainable and inclusive economic growth.
“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.
The executive-director however acknowledged a decline in monetary terms of export from about $4.8 billion in 2022 to $4.5 billion in 2023.
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 the 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 rejection, 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 28.04 percent 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 percent while Cocoa Beans came second at 13.19 percent.
“Sesame Seeds took the third position at 9.03 percent, 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.
Nigeria’s top-20 exporting companies, including Indorama-Eleme Fertilizer and Chemical Limited, have emerged as leaders in the country’s export market, generating a value of $524,327,305.66, according to the executive director.
Dangote Fertilizer Limited secured the second-highest value of $383,071,252.58. Other companies also made significant contributions to Nigeria’s export sector.
Remarkably, Nigeria’s non-oil products have successfully penetrated markets in 124 countries across the Americas, Asia, Europe, Oceania, and Africa.
Furthermore, 1,145 exporting companies actively participated in exporting Nigerian products to thirteen member countries of the Economic Community of West African States (ECOWAS), excluding Cape Verde, in the year 2023.
The executive director of the Nigerian Export Promotion Council (NEPC) emphasised that this achievement can be further enhanced through adequate funding, capacity building, and mentorship.
