Nigeria’s Non-oil Exports Revenue Hits $2.6bn

The Revenue generated from non-oil exports rose to $2.6 billion between January and June 2022.

This was disclosed by the Nigerian Export Promotion Council (NEPC) on Tuesday in Abuja.

NEPC executive director, Ezra Yakusak, said the figure represents the highest half-year record since 2018.

According to him, the latest report marks a 62.37 per cent increase compared to the $1.59 billion recorded in the first half year of 2021.

“Despite the global economic recession that affected most businesses in 2021, the sector recorded a significant growth in non-oil exports,” he said.

“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.”

Yakusak further said over 200 different products, ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in the period under review.

He added that, unlike in the past, the trend of products exported from Nigeria was gradually shifting from its traditional agricultural exports to semi-processed and manufactured goods.

“This can be gleaned from the following product classification as contained in the PIAs report; manufactured products (36.28 percent), raw agricultural product (33.35 percent), precious stones (13.22 percent) and others (17.15 percent),” he said

Yakusak also said amongst the top 15 exported products in the first six months of 2022, urea and fertiliser recorded 32.49 percent of total export.

Similarly, cocoa beans, sesame seed, and aluminium contributed 12.65 percent, 7 percent and 5.07 percent, respectively.

He added that 572 companies participated in exporting the products in the period under review as different Nigerian products were exported to 112 countries.

“Of these figures, Brazil, United States of America (USA) and India were the top three export destinations based on the value of imports,” Yakusak said.

“Regrettably, of the top 10 export destinations of Nigerian products, none is an African country. Only Benin and the Niger Republic made it to the top 15.”