The Nigerian Export Promotion Council (NEPC) says the revenue generated from the country’s non-oil export in the first half of 2024 reached $2.7 billion, representing a 6.26% increase compared to the $2.539 billion recorded in the same period in 2023.
Nonye Ayeni, the executive director of the council, disclosed this during a press briefing in Abuja Thursday.
According to her, the increase in export value is attributed to several factors, including the Council’s “Operation Double Your Exports” initiative, which have spurred growth in partnerships, advocacy, capacity building, and export intervention programs.
These efforts, she said, coupled with the successful transition of government in May 2023 and the policy initiatives of President Bola Ahmed Tinubu’s Renewed Hope Agenda have spurred the rising volume and value of Nigeria’s exports.
“It is noteworthy to state here that non-oil export revenue generated in the first half year of 2024 was 3.834 million metric tonnes representing the sum of $2.7 billion. This shows an increase of 6.26% as against the sum of $2.539 billion for the first half year of 2023,” she stated
Ayeni also said that in the first half of 2024, a total of 211 different products were exported, ranging from agricultural commodities to products from extractive industries.
According to her, the feat marks a notable diversification from traditional raw agricultural exports to more semi-processed and manufactured goods with the most exported commodity been Cocoa Beans, accounting for 23.18% of the total export value, followed by Urea/Fertilizer at 13.78% and Sesame Seeds at 11.04%.
“It is pertinent to note that so many exportable products and their derivatives are progressively gaining prominence as the demand for these products in the global market continues to increase. These include but are not limited to fresh vegetables, citrus peel and Sorghum. While their contributions are still in the process of obtaining significant levels, their regular inclusion on the export table suggests a growing presence in the export landscape. There are also a lot of potentials in services that need to be explored and harnessed, especially for logistics, and ICT amongst others,”
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She stated further that among the top 20 exporting companies, Indorama-Eleme Fertilizer and Chemical Limited led with exports valued at $198.8 million, followed by Starlink Global and Ideal Limited with $184.7 million from agricultural products, and Outspan Nigeria Limited with $177.75 million from cocoa exports.
She noted that a total of 873 companies participated in non-oil exports during the period, indicating a growing interest among Nigerian businesses in diversifying away from oil dependence.
The Executive Secretary stated further that the banking sector also played a crucial role in facilitating these exports. She said Zenith Bank Plc led with 43.09% of the total non-oil export transactions, while First Bank Nigeria Plc and Fidelity Bank followed with 6.56% and 6.38%, respectively.
The Council therefore urged financial institutions to continue supporting exporters, particularly as the African Continental Free Trade Area (AfCFTA) opens up new opportunities.
Ayeni also disclosed that Nigeria’s non-oil products were exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania. She said the Netherlands, Malaysia, and Brazil were the top three destinations for these exports. Notably, Ghana was the only African country to make it into the top 15 importers, ranking 14th.
To further boost non-oil exports, she said that the Council has launched several initiatives under the “Operation Double Your Exports” mantra. One of these initiatives, “Export 35 Redefined,” focuses on intensifying support for the top 20 agricultural products through the entire value chain, from farm gate to market access.
She added that with 19 exit points across seaports, international airports, and land borders, Nigeria routed 95.08% of its non-oil exports through seaports, reflecting the critical role of maritime infrastructure in the country’s export economy.
“Member countries of ECOWAS imported Nigerian products for the period in review worth 530 thousand Metric Tons and US$156.117 Million in value terms, which amounts to 5.79% of the total export value,” she said.
“The Council has a mantra “Operation Double Your Exports” to drive our core objective and the Council’s mandate. Under this mantra, we have some initiatives and programmes to complement the existing ones all geared towards significantly increasing our non-oil exports to improve our foreign exchange earnings and for economic growth and job creation. This also aligns with the Industrial Revitalization Plan of the Honourable Minister of
Industry, Trade and Investment, Dr Doris Uzoka-Anite and the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu (GCFR).”
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