Nigeria’s non-oil exports dips to $2.54bn in first half, 2023

The Nigerian Export Promotion Council, NEPC, says the country recorded $2.54 billion revenue from non-oil exports in the first half of 2023.

The revenue under review represents 0.09 per cent decrease when compared with the $2.59 billion recorded in the corresponding period of 2022, Ezra Yukusak, the NEPC Executive Director/Chief Executive Officer told journalist in Abuja.

He said, “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023.

“The non-oil export returns from various pre-shipment inspection agents indicated that 3.94 billion metric tons of products worth $2.54bn was exported in the first half of the year from January to June as against the sum of $2.59bn to the corresponding period of 2022. From these figures, it is apparent that slight decrease of 0.09 per cent was recorded in the period under review.”

“The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.

“The second reason is the changes in global economic conditions, such as slowdown in global demand or decline in productive prices Prices, which may have negatively impacted on non-oil export performance.

He also revealed that no fewer than 224 Nigerian products were exported to 110 countries across five continents with no Economic Community of West African States country among the top ten importers of Nigerian products.

Leave a Reply

Your email address will not be published. Required fields are marked *