Nigeria earned $2.7bn from non-oil exports in H1 2024, say NEPC

The Nigerian Export Promotion Council (NEPC) has reported that Nigeria’s non-oil export sector generated $2.7 billion in revenue during the first half (H1) of 2024.

Nonye Ayeni, the executive director of NEPC, delivered a progress report on Nigeria’s non-oil export performance on Wednesday in Abuja.

Ayeni stated that the figure indicated a 6.26 percent increase in comparison to the $2.53 billion revenue recorded during the corresponding period in 2023.

She mentioned that the notable increase in export earnings showcases the country’s continual push to broaden its economy beyond reliance on oil.

“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base,” Ayeni said.

“The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives.”

On product diversification and market reach, Ayeni said 211 different products were exported during this period.

She said this showed a shift from traditional agricultural commodities to more semi-processed and manufactured goods.

“Leading the charge was cocoa beans, which constituted 23.18 percent of the total non-oil exports, followed by urea/fertiliser and sesame seeds at 13.78 and 11.04 percent,” she added.

“These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio.”

Ayeni also said there is a growing prominence of newer export products such as fresh vegetables, citrus peel, and sorghum, which are gaining traction in the global market.

INDORAMA, DANGOTE AMONG TOP EXPORTING COMPANIES

Highlighting the top exporting companies and financial institutions, the NEPC boss said among the top 20 exporting companies, Indorama-Eleme Fertiliser and Chemical Limited led with $198.8 million in exports.

She added that Starlink Global and Ideal Limited followed closely with $184.7 million, while Outspan Nigeria Limited exported $177.75 million worth of cocoa.

“Other notable contributors included Dangote Fertiliser Limited and Metal Recycling Industries Limited,” Ayeni said.

“In terms of financial support, Zenith Bank Plc dominated the non-oil export transactions, handling 43.09 per cent of the total Non-Oil Export Proceeds (NXPs).

“It was followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56 per cent and 6.38 percent.”

Ayeni admonished financial institutions to leverage the opportunities in the non-oil export sector, particularly in light of the African Continental Free Trade Area (AfCFTA).

According to the executive director, this is to enhance exporters’ capacity and access to international markets.

She said Nigeria’s non-oil products are being exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania.

“The top three importing countries are the Netherlands, Malaysia, and Brazil,” the NEPC boss said.

“Interestingly, Ghana is the only African country to make it into the top 15 global importers of Nigerian products, occupying the 14th position.

“Within the African continent, 14 ECOWAS member countries imported Nigerian products worth $156.117 million, amounting to 5.79 percent of the total export value.

“The majority of these exports, 95.08 percent, were routed through Nigeria’s seaports, with the remainder distributed via international airports and land borders.”

Also, she expressed the council’s commitment to working with critical stakeholders to stimulate export growth.

Ayeni said the sector is positioned to contribute immensely to the country’s gross domestic product (GDP), increase the country’s foreign exchange (FX) earnings and, thereby, ensure sustainable economic growth.