Non-oil export hits $2.5bn, increase by 62% in six months – Yakusak

  1. By Favour Nnabugwu
Nigeria Export Promotion Council (NEPC). has said that the Nigeria’s non-oil sector  recorded a leap as the country exported products worth $2.593 billion in the first half of 2022.
The Executive Director/CEO of NEPC, Ezra  Yakusak revealed this in Abuja during beriefing on the performances of NEPC  from January to June 2022.
 This represents 62.37 percent increase from the $1.59 billion was exported within the smae period in 2021, according to figures from the Nigerian Export Promotion Council (NEPC).

Yakusak explained that the figure represents 62.37 per cent increase as against $1.59 billion for the first half year in 2021 and 2020 which stood at $981.442 million, respectively.

He said, “in spite of the global economic recession that affected most businesses in 2021, the sector recorded significant growth in non-oil export.

“A total of 4,146,534 metric tonnes of product worth $2.593 billion were exported between January and June 2022.

He  said the “significant growth” is inspite of the global economic recession that affected most businesses in 2021. He informed that over 200 products ranging from manufacturerd,  semi-proccesed,  solid minerals, to raw agricultural products were exported in the period under review.
A break down of the  the top 15 exported product in the first half year of 2022 unveiled Urea/ Fertilizer as the biggest export as it recorded 32.49 percent of total export  while Cocoa Beans, Sesame Seed and Aluminum Ingots contributed 12.65 percent, 7 percent and 5.07 percent respectively.
The top three destination for Nigeria exports based on the value were Brazil, United States of America (USA) and India, out of the 112 countries across the Americas, Asia, Europe, Oceania regions and Africa.
“Regrettably, of the top 10 export destination of Nigerian products, none is an African country. Only Benin and Niger Republic made it to the top 15,” he said.
“Both Benin and Niger Republic are Nigeria’s immediate neighbors and as such
they are traditionally gateways for informal. export activities. This bi-annual report therefore indicates that the Council’s campaign at mainstreaming informal export is gradually yielding results,” he added.
He also noted that unlike what was applicable in the past, the trend of products exported from Nigeria is gradually shifting from its traditional agricultural exports to semi-processed/manufactured goods. While  manufactured products made up 36.28 percent of exports.
The NEPC Boss stated that raw agriculture products  made up 33.35 percent and  Precious Stones 13 .22 percent and others are 17.15 percent
He said,  a total of 572 companies participated in exporting Nigerian products in the period under review. “This is an indication that Nigerian businesses are gradually embracing the diversification campaign of the NEPC by venturing into non-oil exports.
Yakusak said none of Nigeria’s products was rejected within the period. He however assured that the federal government is working assiduously in a bid to reduce the incidences of export rejects.
“The NEPC has finalized arrangements to embark on an Inter-Agency Working/Fact finding visit to the United Kingdom to ascertain specific causes for rejection of imported commodities from Nigeria”.
“The mission is to provide Nigerian Export regulatory /facilitating Agencies the opportunity of observing the processes of agricultural commodities import procedures and to also interact with Port Health and Food Import Regulatory Agencies at the Boarder Control Points in the UK,” he added.
” I am optimistic that our vision to make the world a market place for Nigerian Non-Oil export is not just lip service but a commitment to the people of Nigeria. This commitment is borne out of the desire to build a prosperous future for our people through diversification of the Nigerian economy by increasing the basket of exportable products from Nigeria.
We have also commenced training and re-tr fling of our personnel. This is intended to close identified skill gaps and improve capabilities/knowledge of employees for optimum output. This is germane considering our current efforts/ campaign for massive investment in non-oil export.