Non-Oil Export Generates $2.539b, 1st Half Of 2023 – NEPC

The Nigerian Export Promotion Council, NEPC says the non-oil exports in the first half of 2023 generated 2.539 billion dollars.

The Executive Director/NEPC of NEPC, Dr Ezra Yakusak made this known in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023.

Dr Yakusak said the sector recorded a dip in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions.

According to him, the non-oil export returns from the various pre-shipment inspection agents indicated that 3,944,344.17 metric tonnes of products worth 2.539 billion dollars was exported between January and June, 2023.

He stated that the figure was against the sum of 2.593 billion dollars for the corresponding period of 2022.

“From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review and the reasons for this slight decrease could be attributed to but not limited to the general election that was held in February/March 2023 and subsequent transition in government which might have likely affected economic activities” the Executive Director explained

He stressed that changes in global economic conditions such as slowdown in global demand or decline in commodity prices which might have negatively impacted non-oil export performance also contributed to it.

He said 224 different products were exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities pointing out that the top 15 products exported in the first half-year of 2023, urea, cocoa beans, cashew nut/kernels, sesame seed and soya beans/meal were top on the list respectively.

He added that a total of 1,058,791.27 metric tonnes of products worth 175.476 million dollars which amounts to 6.91 per cent of the total export value were exported to 13 Economic Community of West African States (ECOWAS) countries.

Mathew Ayoola, Edited By Grace Namiji