The Nigerian Government disclosed that Nigeria generated the sum of $2.539 billion as non-oil exports in the first half of the year.
This was disclosed on Monday by the Executive Director of NEPC, Dr Yakusak Ezra, in Abuja during the presentation of the first half-year progress report on the non-oil export performance for 2023.
The NEPC Chief added that Indorama-Eleme Fertiliser and Chemical Ltd led with 282,553,286.15 million dollars in value terms, while Dangote Fertiliser Ltd recorded the second-highest value of 199,871,962.29 dollars, as the sector recorded a drop in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions.
Non-oil exports
Dr Ezra noted that the non-oil export returns from the various pre-shipment inspection agents indicated that 3,944,344.17 metric tonnes of products worth 2.539 billion dollars were exported between January and June 2023, adding that the figure was against the sum of 2.593 billion dollars for the corresponding period of 2022, dipping by 0.09%.
- “From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review.
- “The reasons for this slight decrease could be attributed to but not limited to the general election that was held in February/March 2023 and subsequent transition in government which might have likely affected economic activities.
- “Also changes in global economic conditions such as the slowdown in global demand or decline in commodity prices which might have negatively impacted non-oil export performance,’’
Tonnage
The Trade chief also revealed that 224 different products were exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.
He said the products include urea, cocoa beans, cashew nut/kernels, sesame seed and soya beans/meal, which topped the list of exports.
He added that a total of 1,058,791.27 metric tonnes of products worth 175.476 million dollars which amounts to 6.91 per cent of the total export value were exported to 13 Economic Community of West African States (ECOWAS) countries.
- “A total number of 859 companies participated in the non-oil export trade in the period under review.
- “It is worthy to note that Indorama-Eleme Fertiliser and Chemical Ltd took the lead with 282,553,286.15 million dollars in value terms while Dangote Fertiliser Ltd recorded the second-highest value of 199,871,962.29 dollars respectively,’’ he said
Financial Services
Meanwhile,30 banks participated in the issuance of the Nigeria Export Proceed Forms (NXPs) for the first half-year of 2023 with Zenith Bank PLC processing the highest NXPs value at 38.11 per cent.
The United Bank of Africa (UBA) Plc and First Bank of Nigeria had 10.50 per cent and 9.87 per cent respectively, however, the NEPC warned that the volume of inter-African trade was still very low.
- “This is glaring considering the fact that no African country made it to the top 15 importers of Nigerian products.
- “164, 748.75 metric tonnes of products valued at 55.085 million dollars were exported to various African countries.
- “This amounts to 2.17 per cent of the total export value recorded between January and June 2023.
- “This is quite insignificant compared to products valued at 252,056,554.18 dollars imported by Vietnam alone, which constitute 9.93 per cent of the total export value recorded within the same period,’’.
What you should know
Non-oil-based exports in Nigeria grew by 39.91% in 2022 to $4.820 billion as Semi-processed/manufactured products made up 36.61% of the exports beating Agriculture’s 30.12% volume of non-oil exports.
The 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.
According to Dr Yakusak, 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%.
- “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 worth noting that our products were exported to 122 countries with Brazil recording the highest import value of 12.27 %.
