Notwithstanding the country’s harsh economic climate, the Nigerian Export Promotion Council (NEPC) said the nation realized an improved non-oil export of 3,834 million metric tonnes in the first half of 2024.
The Council stated that it generated $2.7bn from the transactions, compared to $2.639bn generated in the first half of 2023, representing a 6.26 percent increase.
The Executive Director of NEPC, Nonye Ayeni, disclosed this yesterday at the presentation of the progress report on the non-oil export performance for the first half of 2024 in Abuja.
Ayeni said that this increase in the value of exported products for the period under review is attributed to the successful transition of government in May 2023, the policy strides made by President Bola Tinubu’s Renewed Hope Agenda, and the strategic achievements of the Council’s Operation Double Your Exports mantra.
Regarding products exported, the NEPC Chief Executive Officer also revealed that 211 products, ranging from agricultural commodities to extractive industries, were exported in the first half of the year. This indicates that Nigerian products gradually diversify from traditional raw agriculture exports to semi-processed manufactured products.
According to her, a breakdown based on information received from pre-shipment Inspection Agents (PLAs) showed that of the top 15 products exported, Cocoa Beans were the most exported, with a value of 23.18 percent, followed by urea fertilizer, with 13.78 percent, and Sesame Seeds, with 11.04 percent, respectively.
She said, “It is pertinent to note that so many exported products and their derivatives are progressively gaining prominence as their demand in the global market continues to increase. These include, but are not limited to, fresh vegetables, citrus peel, and sorghum, while their contributions are still attaining significant levels in.”
She stressed that among the top 20 exporting companies in Nigeria, “Indorama-Eleme Fertiliser and Chemical Limited took the lead with $198.8m, while Starlink Global and Idea Limited recorded the second highest value of $184.7m for export of agricultural products and Outspan Nigeria Limited with $177.75m for export of Cocoa, among others.”
She explained that 32 banks contributed to non-oil export support under review, with Zenith Bank Plc leading with 43.09 percent of Nigeria’s total exports.
She stated that 19 exit points were used in exporting non-oil products from Nigeria, including Seaports, International Airports, and Land Borders. She added that 95.08 percent of the total non-oil exports were routed through Seaports.
She said,” ‘On the destination of exported products in 2034, non-oil products from Nigeria were exported to 122 countries. These products were exported to Africa, the Americas, Asia, Europe, and Oceanic regions. The Netherlands, Malaysia, and Brazil were the top three countries.”
