Nigeria’s non-oil export sector has recorded total receipts of $2.7 billion in the first half of 2024, driven by increasing global demand for Made-in-Nigeria products.
This figure represents a 6.26% increase from the $2.53 billion recorded in the same period in 2023.
Nonye Ayeni, Executive Director and CEO of the Nigerian Export Promotion Council (NEPC), disclosed this during a media briefing in Abuja.
In a statement by the NEPC, Nonye Ayeni noted that the growth was due to “the successful transition of government in May 2023 which brought about stability in the government, increase in demand for Made-in-Nigeria products and initiatives embarked on at the council…to reawaken the consciousness of Nigerians on the need to imbibe an export culture.”
211 non-oil products were exported to 122 countries
In breaking down the export profile, Ayeni revealed that 211 different products were exported during this period, with cocoa beans, urea/fertilizer, and sesame seeds leading the pack, contributing 23.18%, 13.78%, and 11.04% of the total non-oil exports, respectively.
This indicates a move from traditional agricultural commodities to more semi-processed and manufactured goods.
The total volume of exported products reached 3.83 million metric tonnes, reinforcing the assertion that the non-oil sector is key to revitalizing Nigeria’s economy.
Nigerian exports reached 122 countries across Africa, the Americas, Asia, Europe, and Oceania, with the Netherlands, Malaysia, and Brazil being the top three destinations by value.
Notably, Ghana was the only African country among the top 15 global importers of Nigerian products.
The majority of non-oil exports, 95.08%, were routed through seaports, with the South-West and South-South regions accounting for over 95% of the total exports.
Starlink Global, Outspan Nigeria lead non-oil exports
Among the top contributing companies, Indorama-Eleme Fertilizer and Chemical Limited led with $198.8 million in exports, followed by Starlink Global and Ideal Limited with $184.7 million, and Outspan Nigeria Limited with $177.75 million.
Other significant contributors included Dangote Fertilizer Limited and Metal Recycling Industries Limited.
Zenith Bank handled 43.09% of NXPs
Financial institutions played a crucial role, with 32 banks participating in non-oil export transactions. Zenith Bank Plc dominated, handling 43.09% of the total Non-Oil Export Proceeds (NXPs), followed by First Bank Nigeria Plc and Fidelity Bank, which managed 6.56% and 6.38% of NXPs, respectively.
Ayeni concluded by urging Nigerian banks to leverage the opportunities within the non-oil export sector, particularly under the African Continental Free Trade Area (AfCFTA), to enhance exporters’ capacity and access to international markets.