- The Nigerian Export Promotion Council (NEPC) reported a decline in non-oil exports from $4.8 billion in 2022 to $4.5 billion in 2023
- Despite the decrease in export value, the NEPC highlighted a positive aspect, noting an increase in the volume of exports
The Nigerian Export Promotion Council (NEPC) has reported a significant dip in the country’s non-oil exports, falling from $4.8 billion in 2022 to $4.5 billion in 2023, marking a decline of over $300 million.
Nonye Ayeni, the Executive Director of NEPC, revealed this information during a press conference dedicated to presenting a progress report on non-oil exports for 2023. Ayeni attributed the decline to decelerating economic activities in the lead-up to the 2023 general elections, coupled with other global economic factors.
Despite the reduction in export value, Ayeni highlighted a positive aspect in the report — the increase in the volume of exports. She stated, “Nigeria’s non-oil export volume continues to increase over the years, and specifically in 2023, we recorded a volume of 6.685 million metric tonnes of exportable products.”
In the period under review, a diverse range of Two Hundred and Seventy-Three (273) products were exported, encompassing manufactured goods, semi-processed items, solid minerals, and agricultural commodities. This represents a notable surge of approximately 28.04% compared to the previous year.
Ayeni further elaborated on the top 20 products exported in 2023, as reported by Pre-shipment Inspection Agents (PIAs). The leading products included Urea, Cocoa Beans, Sesame Seed, soybeans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus flowers, highlighting the diversity of Nigeria’s export portfolio.
The NEPC report sheds light on the challenges faced by non-oil exports in 2023 but also emphasizes the resilience and growth in the volume of exported products, showcasing the multifaceted nature of Nigeria’s export landscape.