The Nigerian Export Promotion Council (NEPC) reported that Nigeria’s non-oil exports reached $2.7 billion in the first half of 2024, reflecting a 6.26% increase compared to the $2.5 billion recorded in the same period of 2023. This data was disclosed by NEPC’s Executive Director/Chief Executive, Nonye Ayeni, during a presentation on non-oil export performance in Abuja.
Ayeni highlighted that the total export volume for this period was 3.834 million metric tonnes, encompassing 211 different products, including agricultural commodities and products from extractive industries. The performance indicates a shift from traditional raw agricultural exports to semi-processed and manufactured goods.
Ayeni attributed this growth to the successful government transition in May 2023 and the policy initiatives under President Bola Tinubu’s “Renewed Hope Agenda.” She also emphasized the positive impact of the NEPC’s “Operation Double Your Exports” initiative on the sector’s performance.
Ayeni expressed optimism that the sector will contribute significantly to Nigeria’s GDP, increase foreign exchange earnings, and drive sustainable economic growth. She reiterated NEPC’s commitment to working with stakeholders to stimulate export growth and enhance global competitiveness in the non-oil export sector.
Additionally, Ayeni underscored the growing demand for exportable products like fresh vegetables, citrus peel, and sorghum in global markets. She called for increased financial support from institutions to help exporters scale up production, especially in light of opportunities presented by the African Continental Free Trade Area.
The NEPC is also focused on reducing product rejects by collaborating with relevant agencies to ensure adherence to global quality standards, promoting good agricultural practices, proper labeling, and packaging.
In a related development, the Central Bank of Nigeria (CBN) released its July 2024 Inflation Expectations Survey. The survey revealed that 83.7% of respondents believe inflation is currently high, with a perception index of -61.1 points. Businesses had a slightly less negative outlook on inflation compared to households, though both groups expect further inflationary pressures in the coming months, driven by rising energy prices, exchange rates, and transportation costs.
BY Ebubedike Ochu
