Nigeria non-oil export hits $5.456bn in 2024 — NEPC boss

The Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has disclosed that the country made over $5.456 billion from non-oil exports in 2024.

Speaking on Friday in Abuja, Ayeni said despite the economic realities and the global economic downturn, “the Council, through collaboration with other relevant agencies, has contributed towards economic diversification with an impressive non-oil performance of $5.456 billion in 2024.

“It is worth noting that this reflects a significant increase of 20.77% (938.442 million) compared to the recorded figure of $4.517 billion for the preceding year of 2023.

“This achievement can be attributed to the active diversification of the economy through the non-oil sector with an emphasis on promoting agriculture, solid minerals, and manufacturing.”

She explained that increased production in the energy, agricultural, and solid mineral sectors also contributed to the growth.

“The NEPC’s current flagship campaign, #doubleyourexport, Export 35 Redefined, increased advocacy, strategic collaborations, and partnerships, among others, have contributed significantly to the increase. The global economy’s recovery from previous downturns has increased demand for Nigerian exports, further boosting export performance.

“It is also interesting to note that there was an increase in the volume of agricultural commodities as non-oil export returns showed that 7.291 million metric tonnes of exportable products were exported in the period under review.”

Ayeni stated that “the result for 2024 would have been much more considering that the volume of Informal Cross Border Trade (ICBT) represents a reasonable percentage of our exports.

“A total of two hundred and forty-six (246) distinct products were exported in the year in review. These exports spanned manufactured, semi-processed goods, industrial extracts, and agricultural commodities.

“A breakdown of the result shows that, based on information received from Pre-shipment Inspection Agents (PIAs), of the top 20 products and commodities exported in the year 2024, Cocoa Beans, Urea/Fertilizer, Sesame Seed, Cashew Nuts/Kernels, Aluminium Ingots, Cocoa Butter, Copper Ingots, Soya Beans/Meal, Gold Dore, and Hibiscus Flower were top of the list respectively. Interestingly, Cocoa Butter, among other products, has experienced a notable surge in exportation, propelling it into the top 10 ranking of exported products.

“This upturn may be attributed to increased global demand, improved production processes, enhanced market access to key importing countries, and targeted trade policies promoting value-added products,” she noted.

The ED further explained that the top commodity in terms of total non-oil export, accounting for 30.55% in percentage value, was Cocoa Beans, followed by Urea/Fertilizer at 15.74%, while Sesame Seeds contributed 8.50% of the total exported products respectively.

“There are quite some other exportable products that have contributed significantly to this huge volume of exports. Of the top 20 exporting companies in Nigeria, Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited secured the foremost position with $475,309,887.26, representing 8.71% and $456,740,920.00, representing 8.37% respectively.

“This is attributed to their notable export volumes of fertilizer and cocoa products.”

She said a total of thirty-two (32) banks participated in the processing of NXP Forms for export in the year in review, with a total number of 21,655 NXP forms processed. Zenith Bank Plc maintained its leading position, contributing 39.03% to the total number of NXPs for non-oil export.

“Following closely is First Bank of Nigeria Plc in second position with 8.44%, while Fidelity Bank Plc held the third position, contributing 6.41% to the overall NXP transactions respectively. Other banks also contributed significantly to export volumes in Nigeria,” Ayeni stated.

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