The Nigerian Export Promotion Council (NEPC) has revealed that Nigeria exported more than 4.146 million metric tonnes of non-oil products, worth $2.593 billion from January to June 2022.
The achievement lays credence to the country’s efforts at reducing its over-dependence on the oil sector for foreign exchange earnings and boosting export volume from the non-oil sector.
This was made known by the Executive Director of NEPC, Dr Ezra Yakusak while presenting the first half year 2022 progress report to newsmen in Abuja.
Yakusak said that this figure represents a 62.37% increase when compared to the $1.59 billion that was achieved in the first half year in 2021 and 2020 which stood at $981.442 million, respectively.
What the Executive Director of NEPC is saying
- Yakusak said, “In spite of the global economic recession that affected most businesses in 2021, the sector recorded a 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.
- “These figures were culled from the non-oil export performance reports of various pre-shipment inspection agents who are appointed by the Federal Government to determine the volume, value and destination of Nigerian non-oil export.
- “The analysis from returns of these pre-shipment inspection agents indicates that the January-June 2022, export performance was the highest half year non-oil export performance since 2018.’’
He said that over 200 different products, ranging from manufactured, semi-processed, solid minerals to raw agricultural products were reported to have been exported in the period under review.
He also said Nigeria is gradually shifting to exports of semi-processed/manufactured goods as against what was applicable in the past, where the trend of products exported from Nigeria is usually traditional agricultural.
The NEPC boss said, “This can be gleaned from the following product classification as contained in the PIAs report; manufactured products:
”36.28 per cent, raw agriculture product 33.35 per cent, precious stones 13.22 per cent and others 17.15 per cent.’’
He noted that of the top 15 exported products in the first half year of 2022, 32.49% of the total exports were urea/fertilizer, while cocoa beans, sesame seed and aluminium ingots contributed 12.65%, 7% and 5.07% respectively.
He added that 572 companies participated in exporting the products in the period under review. Yakusak also revealed that there was no incidence of export rejections during the period under review, noting that different Nigerian products were exported to 112 countries in the Americas, Asia, Europe, Oceania regions and Africa continents.
- He said, “Of these figures, Brazil, United States of America (USA) and India were the top three export destinations based on the value of imports.
- “Regrettably, of the top 10 export destinations of Nigerian products, none is an African country.
- ”Only Benin and Niger Republic made it to the top 15.’’
What you should know.
- Nigeria had, in response to the 2016 recession due to the crash of crude oil prices, developed its zero oil plan, with the scheme focusing on non-oil export policies for 22 major products that could generate up to $30 billion in foreign exchange within a period of five years.
- These products include: cotton, petrochemicals, fertilizers, palm oil, rubber, cement, tomatoes, banana. Others are oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea.
- In a related development, the CBN had earlier in the year introduced the RT200 scheme which involves the apex bank paying N65 for every US$1 repatriated and sold at the Investors and Exporters Window.
- The objective of the scheme is to raise $200 billion in Foreign Exchange (FX) earnings from non-oil proceeds over the next 3-5years.
