Nigeria’s non-oil export sector recorded a total revenue of $2.7 billion during the first half of 2024, reflecting increasing global demand for Made-in-Nigeria products. This represents a 6.26% growth compared to the $2.53 billion recorded in 2023.
Nonye Ayeni, Executive Director and CEO of the Nigerian Export Promotion Council (NEPC), announced this at a media briefing in Abuja. According to Ayeni, this growth resulted from several factors, including the successful transition of government in May 2023, stability in governance, a rise in demand for Made-in-Nigeria products, and initiatives aimed at promoting an export culture among Nigerians.
Export Profile: 211 Products to 122 Countries
Ayeni provided details on the export profile, revealing that 211 different non-oil products were exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania. Cocoa beans, urea/fertilizer, and sesame seeds were the top export products, contributing 23.18%, 13.78%, and 11.04% of the total non-oil exports, respectively. This reflects a shift from traditional agricultural commodities to more semi-processed and manufactured goods.
The total volume of exported products reached 3.83 million metric tonnes, highlighting the non-oil sector’s importance in revitalizing Nigeria’s economy. The Netherlands, Malaysia, and Brazil were the top three destinations for Nigerian exports by value, with Ghana being the only African country among the top 15 global importers of Nigerian products.
Most non-oil exports (95.08%) were transported through seaports, with the South-West and South-South regions accounting for over 95% of the total exports.
Top Contributing Companies: Starlink Global, Outspan Nigeria, and Others
Among the companies contributing to non-oil exports, Indorama-Eleme Fertilizer and Chemical Limited led with $198.8 million in exports. Starlink Global and Ideal Limited followed with $184.7 million, and Outspan Nigeria Limited contributed $177.75 million. Other significant contributors included Dangote Fertilizer Limited and Metal Recycling Industries Limited.
Financial Institutions: Zenith Bank Leads in Handling NXPs
Financial institutions were crucial in supporting non-oil export transactions, with 32 banks participating. Zenith Bank Plc dominated, managing 43.09% of the total Non-Oil Export Proceeds (NXPs), while First Bank Nigeria Plc and Fidelity Bank handled 6.56% and 6.38% of NXPs, respectively.
Call to Action for Nigerian Banks
Ayeni concluded by encouraging Nigerian banks to leverage the opportunities within the non-oil export sector, particularly under the African Continental Free Trade Area (AfCFTA). This would enhance exporters’ capacity and provide better access to international markets, further driving growth in the non-oil sector.
