Non-oil Exports Rise By 6.26%, Hits $2.7bn In H1

The Nigerian Export Promotion Council (NEPC) has reported that Nigeria’s non-oil export sector generated $2.7 billion in revenue during the first half (H1) of 2024.

Executive director of NEPC, Nonye Ayeni, disclosed this in Abuja while presenting a progress report on Nigeria’s non-oil export performance.

Ayeni noted that this figure represents a 6.26 per cent increase compared to the $2.53 billion earned during the same period in 2023.

She highlighted that the significant rise in export revenue underscores the country’s ongoing efforts to diversify its economy away from oil dependence.

“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base,” Ayeni stated. “The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives.”

Regarding product diversification and market reach, Ayeni revealed that 211 different products were exported during this period. This shift reflects a movement from traditional agricultural commodities to more semi-processed and manufactured goods.

“Leading the charge was cocoa beans, which constituted 23.18 per cent of the total non-oil exports, followed by urea/fertiliser and sesame seeds at 13.78 and 11.04 per cent, respectively,” she added. “These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio.”

Ayeni also noted the growing prominence of newer export products, such as fresh vegetables, citrus peel, and sorghum, which are gaining traction in the global market.

Highlighting the top exporting companies and financial institutions, the NEPC head reported that among the top 20 exporting companies, Indorama-Eleme Fertiliser and Chemical Limited led with $198.8 million in exports. Starlink Global and Ideal Limited followed with $184.7 million, while Outspan Nigeria Limited exported $177.75 million worth of cocoa.

“Other notable contributors included Dangote Fertiliser Limited and Metal Recycling Industries Limited,” Ayeni said.

In terms of financial support, Zenith Bank Plc dominated the non-oil export transactions, handling 43.09 percent of the total Non-Oil Export Proceeds (NXPs). It was followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56 percent and 6.38 per cent, respectively.

Ayeni urged financial institutions to capitalise on opportunities in the non-oil export sector, particularly in light of the African Continental Free Trade Area (AfCFTA), to enhance exporters’ capacity and access to international markets.

She mentioned that Nigeria’s non-oil products are exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania.

“The top three importing countries are the Netherlands, Malaysia, and Brazil,” the NEPC head stated. “Interestingly, Ghana is the only African country among the top 15 global importers of Nigerian products, occupying the 14th position.

“Within the African continent, 14 ECOWAS member countries imported Nigerian products worth $156.117 million, accounting for 5.79 per cent of the total export value. Most of these exports, 95.08 per cent, were routed through Nigeria’s seaports, with the remainder distributed via international airports and land borders.”

Ayeni also expressed the Council’s commitment to working with key stakeholders to stimulate export growth. She stated that the sector is positioned to contribute significantly to the country’s gross domestic product (GDP), increase foreign exchange (FX) earnings, and ensure sustainable economic growth.