Non-oil-based exports in Nigeria grew by 39.91% in 2022 to $4.820 billion. Semi-processed/manufactured products made up 36.61% of the exports beating Agriculture’s 30.12% volume of non-oil exports.
This was revealed by the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), on Friday in Abuja during the presentation of the non-oil export performance for the year 2022.
NEPC stated that figures were gotten from various Pre-shipment inspection agents appointed by the Federal Government under the Pre-shipment Inspection Act, of 2004.
Record exports: Yakusak said Nigeria’s Non-oil exports record for 2022 reached its highest since the establishment of NEPC 47 years ago, acknowledging export intervention programmes by the NEPC over the years, he said:
“About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022.
“Of these products exported, Urea/Fertiliser topped the list with 32.87 per cent.
“The emergence of Urea/Fertiliser as the highest exported product in 2022 can be attributed to the Russia-Ukraine war which created an avenue for Nigeria’s Urea/Fertilizer to thrive.
“It is worthy to note that our products were exported to 122 countries with Brazil recording the highest import value of 12.27 per cent.”
Chemicals leading: The NEPC boss noted that Chemical companies based in Nigeria were affiliated with a bulk of the exporters, citing exporters linked with the Indorama-Eleme Fertilizer and Chemical Limited.
He said 1,172 exporters participated with Indorama-Eleme Fertilizer and Chemical Limited taking the lead with 23.25 per cent, adding:
“Thirty one issuing banks participated with Zenith Bank PLC processing the highest NXP values, 19 exit points were used with Apapa Port recording the highest tonnage.
“The month of December recorded the highest export value of 10.37 per cent.”
African trade: He also noted that no African nation made it to the top ten list of Nigerian product importers, citing that the BEPC is working to reverse that through the Africa Continental Free Trade Area (AfCTA).
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA).
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, and participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region.
“Put differently, there is the need to increase intra-African trade given the huge opportunities and benefits therein”.
He added that non-oil export of Nigerian products was gradually diversifying from its traditional agriculture exports to semi-processed/manufactured products, adding that out of the product group exported, agricultural products topped with 30.12 per cent, Semi processed/manufactured products at 36.61 per cent and precious stones at 17.06 per cent and others 13.21 per cent.
What you should know
Nigeria recorded a total foreign trade of N11.59 trillion in the third quarter of 2022, representing a 9.7% decline compared to N12.84 trillion recorded in Q2 2022.
Nigeria’s international trade fell to its lowest level since the third quarter of last year as a result of a huge decline in crude oil export earnings. Specifically, crude oil export fell by 21.2% to N4.66 trillion in Q3 2022 from N5.91 trillion recorded in the previous quarter.
Imports increased by 4.2% quarter-on-quarter to N5.66 trillion compared to N5.44 trillion recorded in Q2 2022, while it increased by 6.2% from N5.34 trillion recorded in the corresponding period of 2021.
Exports fell by 19.9% to N5.93 trillion in Q3 2022 from N7.41 trillion recorded in Q2 2022, although it increased by 15.5% on a year-on-year basis (Q3 2021: N5.14 trillion).