• Wednesday, February 21, 2024
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BusinessDay

Nigeria’s non-oil exports drops to $4.5bn in 2023, says NEPC

It is time to export rather than import, experts tell Nigerians

Nigeria’s non-oil exports have fallen by over $300 million, decreasing from $4.8 billion in 2022 to $4.5 billion in 2023, as revealed by the Nigerian Export Promotion Council (NEPC).

Nonye Ayeni, the Executive Director of NEPC, cited the economic slowdown during the 2023 general elections and other global economic factors as contributing to the decline.

Despite the decrease in export value, Ayeni noted an increase in the volume of exports during the year.

“The volume of Nigeria’s non-oil exports continues to increase over the years, and specifically in 2023, we recorded a volume of 6.685 million metric tonnes of exportable products.

“A total of two hundred and seventy-three (273) different products were reported to have been exported in the period under review, ranging from manufactured, semi-processed, solid minerals to agricultural commodities. This figure reflects a notable increase of approximately 28.04 percent compared to the preceding year.

“Based on information received from Pre-shipment Inspection Agents (PIAs), of the top 20 products exported in the year 2023, urea, cocoa beans, sesame seed, soya beans/meal, cashew nuts/kernels, aluminium ingots, and hibiscus flower were at the top of the list, respectively.”