By Adedapo Adesanya
Nigeria reported a 6.26 per cent increase in non-oil exports, reaching $2.7 billion in the first six months of 2024, driven by diversification into semi-processed products when compared with the $2.5 billion achieved in the same period of last year.
This information was revealed by the chief executive of the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni, on Wednesday, who added that the total volume of exports during the review period stood at 3.834 million metric tonnes.
Mrs Ayeni explained that 211 products were exported in H1, ranging from agricultural commodities to extractive industries, saying the performance further showed that Nigerian products were gradually diversifying from traditional raw agriculture exports to semi-processed/manufactured products.
She stated that through partnerships, advocacy, capacity building and export intervention programmes, the council recorded wins that reflected in the increase in the volume and value of Nigeria’s non-oil exports.
She said the council remained committed to working with critical stakeholders to stimulate export growth.
“I am optimistic that with the several export intervention programmes and projects we have started and are ongoing, complemented by the NEPC flagship campaign programme, ‘Operation Double Your Exports,’ the sector is positioned to contribute immensely to the country’s Gross Domestic Product (GDP), increase the country’s foreign exchange earnings and thereby ensure sustainable economic growth, which aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, for job creation, poverty alleviation, among others.”
The NEPC chief executive also said, “When I assumed office in October 2023, I and my management team resolved to reposition the non-oil export sector towards global competitiveness.
“To this end, a management retreat was held in January 2024 with the objectives to, among others, re-evaluate the council’s export promotional programmes by developing new strategic plans to strengthen its operational efficiency and consolidate on previous gains.”
She also pointed out that many exportable products and their derivatives were progressively gaining prominence, as their demand in the global market continued to increase.
The NEPC boss listed the products to include fresh vegetables, citrus peel, and sorghum, adding that 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.
Mrs Ayeni also explained that there was a lot of potential in the services segment that needed to be explored and harnessed, particularly, logistics and ICT.
She appealed to 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).”
“This support is critical to increasing the basket of exportable products and stimulating value-addition, thereby increasing Nigeria’s foreign exchange earnings.
“No doubt exporting companies can scale up production and harness the opportunities in the global market to increase the volume of exports if they have access to affordable finance.”
She added that reducing the volume of rejects on Nigerian products remained a core objective of the council.
According to her, “The council is addressing the issues by collaborating with relevant agencies and parastatals to create awareness, build capacity for good agricultural practices, labelling and packaging and ensure adherence to the quality and standards of exports in the global market.”