The Nigerian Export Promotion Council (NEPC) has revealed a decline in Nigeria’s non-oil exports, falling from $4.8 billion in 2022 to $4.5 billion in 2023—a decrease of over $300 million.
Nonye Ayeni, the Executive Director of NEPC, shared this information during a press conference held on Thursday to present the non-oil exports progress report for 2023.
Ayeni attributed the drop to the economic slowdown triggered by the 2023 general elections and other global economic factors. Despite the decline in export value, she highlighted a positive aspect, noting an increase in the volume of non-oil exports.
“In 2023, we recorded a volume of 6.685 million metric tonnes of exportable products, encompassing 273 different products, including manufactured, semi-processed, solid minerals, and agricultural commodities. This marks a significant increase of approximately 28.04% compared to the previous year,” she explained.
Based on Pre-shipment Inspection Agents (PIAs) information, Ayeni outlined the top 20 products exported in 2023. Urea, cocoa beans, sesame seed, soybean beans/meal, cashew nuts/kernels, aluminium ingested, and hibiscus flower secured the top positions on the list.
This report sheds light on the challenges faced by Nigeria’s non-oil export sector amid economic uncertainties and global factors, emphasizing the need for strategic interventions to revitalize and boost the country’s export activities.
