The Nigerian Export Promotion Council (NEPC) has disclosed that over 6. 685 million metric tonnes of non-oil products were exported from the country in the 2023 business year.
Speaking in Abuja on Thursday, the Executive Director of NEPC, Nonye Ayeni said “Nigeria’s non-oil export continues to increase over the years and specifically in 2023.
“We recorded a volume of 6.685 million metric tonnes of exportable products thus reaffirming the widely held assertion that the non-oil sector holds the key to the revitalization of our country’s economy.
“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%, compared to the preceding year.”
The ED explained that “based on information received from Pre-shipment Inspection Agents (PIAs), the top 20 products exported in the year 2023 are Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower were top of the list respectively.
“It is interesting to state here that Hibiscus flower, among other products, has experienced a notable surge in exportation, thus propelling it into the top 10 ranking of exported products.
“This upturn may be attributed to enhanced market access in Mexico which was hitherto suspended. In November 2023, NEPC signed a MOU with the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE). This is expected to give more traction and increase the volume of volume of hibiscus and other exportable products to Mexico.
“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 Wheat Bran, Cocoa Cake, Lithium Ore, and Sorghum. While their contributions are still in the process of attaining 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 in the areas of logistics, outsourcing, education, entertainment, ICT, amongst others.
“Of the top-20 exporting companies in Nigeria, Indorama-Eleme Fertilizer and Chemical Limited took the lead with US$524,327,305.66 in value while Dangote Fertilizer Limited recorded the second-highest value of US$383,071,252.58 respectively.
“A total of 32 banks participated in the establishment of NXP forms for export for the year 2023 with a total number of 21,390 NXP forms processed. Zenith Bank PLC processed the highest NXP at 39.03%, while United Bank of Africa (UBA) Plc and First Bank of Nigeria recorded 10.55% and 9.88% respectively.
“Other banks also contributed significantly to export volumes in Nigeria. However, I wish to use this medium to implore financial institutions to take advantage of the opportunities in the non-oil export sector by supporting exporters to enhance their capacity to scale up production and access international markets especially now that we have the African Continental Free Trade Area (AfCFTA) which is the single largest economic bloc.
“This support is critical to increasing the basket of exportable products, stimulating value-addition, and thereby increasing our foreign exchange earnings. Value addition to our exportable products is very important as they attract premium pricing in the global market. There is no doubt that exporting companies can scale up their production and harness the opportunities in that space to increase the volume of exports if they have access to affordable finance” the ED emphasised.
She noted that 21 Exit Points were used in exporting products within the period under review. “These are seaports, international airports, and land borders. However, the introduction of Lekki Deep Sea Port, Lagos, and a new border, Ohunbe in Ogun State, added to the existing infrastructure. The South-West and South-South accounted for over 90 per cent of the total non-oil exports.
“In the year 2023, Nigeria’s non-oil products made a significant impact in the global market, penetrating markets across One Hundred and Twenty-Four (124) countries in the following regions, including Africa, the Americas, Asia, Europe, and Oceania. Notably, Brazil, China, and Japan emerged as the top three importing countries respectively for non-oil products exported from Nigeria.
“Thirteen (13) member countries of ECOWAS (excluding Cape Verde), actively engaged in the importation of Nigerian products throughout the year 2023. 1,638,694.46 Metric Tons amounting to US$ 343.942 Million dollars constituted 7.61% of the total export value. Interestingly, only Ghana made it to the top 20 global importers from Nigeria, occupying the 18th position on the export log.
“145 exporting companies actively exported Nigeria’s products in the year 2023. This figure can be improved with adequate funding, capacity building and mentorship.”
She reaffirmed that the council is very optimistic, and remains committed to working with the various stakeholders to ensure that our non-oil export doubles in a short time.
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