The Nigerian Export Promotion Council (NEPC) has disclosed that the country earned about $4.820 billion from Non-Oil export in 2022.
Speaking at the Weekend in Abuja, the Executive Director of NEPC, Dr Ezra Yakusak noted that “it is cheering to note that despite the harsh economic environment precipitated by the effect of COVID-19 and the global economic recession, the sector recorded a significant and high impressive result with non-oil export earnings of US$ 4.820 billion recorded for the year under review.
“This represented an increase of 39.91% over 2021. May I categorically emphasise that these figures represent data collated from the various Pre-shipment Inspection Agents appointed by the Federal Government under the Pre-shipment Inspection Act, Cap P25 LFN 2004.”
Yakusak further explained that ” I am glad to inform you that this result is the highest value ever achieved since the establishment of the Nigerian Export Promotion Council 47 years ago.
“This current result lends credence to the fact that the several export intervention programmes/projects initiated and executed by the Council and other sister Agencies during the year under review are gradually yielding the desired result.
“About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022. Of these products exported, Urea/Fertilizer topped the list with 32.87%.
“The emergence of Urea/Fertilizer 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%.
“A breakdown of the non-oil performance shows the following: Exporters participated with Indorama-Eleme Fertilizer and Chemical Limited taking the lead with 23.25%. 31 issuing banks participated with Zenith Bank PLC processing the highest NXP values,19 Exit Points were used with Apapa Port recording the highest tonnage.
“The month of December recorded the highest export value of 10.37%. Regrettably, of the top 10 importers of Nigerian products, no African/ECOWAS country made it to the top 10.
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA).
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia and participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region. Put differently, there is a need to increase intra-African trade given the huge opportunities and benefits therein”.
Yakusak said that the non-oil export of Nigerian products is gradually diversifying from its traditional agriculture exports to semi-processed/ manufactured products.
“This is buttressed by the fact that out of the product group exported; Agricultural products- 30.12%, Semi processed/manufactured Products – 36.61% and Precious Stones- 17.06%.
“I am optimistic that with the several export intervention programmes and projects that have already been executed and other ongoing programmes, the expected performance of the sector in 2023 will likely surpass that of 2022” the ED concluded.
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