The Nigerian Export Promotion Council (NEPC) has said that the nation’s non-oil exports performance rose to $5.456 billion in 2024 as against $4.517 billion figures in 2023 as a result of economic diversification, with emphasis in the promotion of agriculture, solid minerals and manufacturing.
It also listed increased production in energy, positive impact of the current efforts by government to enhance trade via effective policy implementation, the NEPC’ s current flagship campaign ,-#doubleyourexport” and global economic recovery from past downturns as part of the success story
NEPC’s Executive Director, Nonye Ayeni disclosed this week end at the presentation of the progress report on the Non– Oil exports performance for year 2024 in Abuja.
She said that top commodity in terms of total non– oil exports account for 30.55 per cent, adding that in percentage value, Cocoa, Beans followed by Urea/ Fertilizer at 15.74 per cent while Sesame Seeds contributed 8.50 per cent of total export products respectively.
The NEPC Chief Executive explained that of the top 20 exporting companies in Nigeria, Indorama, Eleme Fertilizer and Chemical Limited , Starlink Global & Ideal Limited, secured the foremost position with $475.309,887,26 representing 8.71 percent and $456,740,920,00 representing 8,37percent respectively.
She said a total of 32 banks participated in the processing of NXP forms for export in the year under review
“ With a total number of 21,655 NXP forms processed, Zenith Bank Plc, maintained it’s leading position, contributing 39.03 percent to the total number of NXP s for non oil exports, this following closely is First Bank of Nigeria Plc at second with 8.44 percent while Fidelity Bank Plc held the third position contributing 6,41 percent to the overall NXP transactions,’’ she said.
On destination of exported products, Ayeni said: ‘’Nigeria’s non oil products made a positive impact in the global market , penetrating markets across 126 countries from 124 countries recorded in 2023.
“These countries includes Africa, the Americas, Asia , Europe and Oceania, in terms of the port values of non oil products from Nigeria, the Netherlands Brazil and Malaysia emerged as the top three countries, it is noteworthy that among African /ECOWA nation’s, Ghana also emerged as one of the top 20 importing countries in 2024.”
On strategic engagement with the Central Bank of Nigeria (CBN) on the inclusion of CFA, the NEPC’ boss said: “ I am delighted to inform you the the CBN has magnanimously approved CFA to be captured on Nigeria Exports ( NXP) forms for the repatriation of export proceeds and we will be working with the apex bank to ensure full implementation””
