Non-oil exports fell from $4.8 billion in 2022 to $4.5 billion last year, according to the Nigerian Export Promotion Council (NEPC), despite the federal government’s efforts to diversify the economy.
NEPC also ascribed the fall to issues such as product rejections, inadequate product certification, political unrest in surrounding African nations, difficulties with currency rates, and an increase in global trade, among other things.
This was revealed Tuesday in Abuja during the presentation of the council’s progress report on the non-oil export performance in 2023 by Nonye Ayeni, the chief executive officer of NEPC.
According to Ayeni, 273 distinct products—ranging from manufactured, semi-processed solid minerals to agricultural commodities—were exported during the study period. This represented a significant rise of almost 28.04 percent as compared to the previous year.
According to data from pre-shipment inspection agents (PIAs), “a breakdown of the result shows that, of the top 20 products exported in the year 2023, urea, cocoa, beans, sesame seed, soya-beans/meal, cashew nuts/kernels, aluminum ingots, and hibiscus flower were top of the list,” the spokesperson said.
According to her, urea and fertilizer made up the largest portion of all exported goods at 20.1%, followed by cocoa beans at 13.19% and sesame seeds at 9.03%.
“Of the top 20 exporting companies in Nigeria, Indorama, Eleme Fertilizer, and Chemical Limited led with a value of $524.33 million, followed by Dangote Fertilizer Limited with a value of $383.07 million,” the spokesperson stated.
She emphasized that a total of 21,390 NXP forms were processed during the year, with 32 banks taking part in the establishment of NXP forms for export. With 39.09 percent of NXP forms submitted, Zenith Bank Plc processed the most, followed by United Bank of Africa (UBA) Plc and First Bank of Nigeria Plc with 10.55 and 9.88 percent, respectively.
The head of NEPC pleaded with financial institutions to seize the chances in the non-oil export business by helping exporters increase their ability to increase productivity and access foreign markets, particularly in light of the upcoming implementation of the Africa Continental Free Trade Area (AfCFTA).
