Nigerian Export Promotion Council (NEPC), says revenue generated from non-oil exports increased to $2.593 billion from January to June 2022.
Gatekeepers News reports that the Executive Director, NEPC, Ezra Yakusak disclosed this while presenting the council’s 2022 half-year results in Abuja on Tuesday.
Yakusak explained that the figure represents the highest half-year record since 2018.
He added that the latest report marks a 62.37 percent increase compared to the $1.59 billion recorded in the first half year of 2021.
Yakusak said, “Despite the global economic recession that affected most businesses in 2021, the sector recorded significant growth in non-oil exports.
“A total of 4,146,534 metric tonnes of product worth $2.593 billion were exported between January and June 2022.
“These figures were culled from the non-oil export performance reports of various pre-shipment inspection agents who are appointed by the federal government to determine the volume, value, and destination of Nigerian non-oil export.
“The analysis from returns of these pre-shipment inspection agents indicates that the January-June 2022, export performance was the highest half-year non-oil export performance since 2018.”
He added that over 200 different products, ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in the period under review.
According to him, unlike in the past, the trend of products exported from Nigeria was gradually shifting from its traditional agricultural exports to semi-processed and manufactured goods.
Yakusak said, “This can be gleaned from the following product classification as contained in the PIAs report; manufactured products (36.28 percent), raw agricultural product (33.35 percent), precious stones (13.22 percent), and others (17.15 percent).
He also said amongst the top 15 exported products in the first six months of 2022, urea and fertiliser recorded 32.49 percent of total export.
Similarly, cocoa beans, sesame seed, and aluminium contributed 12.65 percent, 7 percent, and 5.07 percent, respectively.
Yakusak added that 572 companies participated in exporting the products in the period under review as different Nigerian products were exported to 112 countries.
He said, “Of these figures, Brazil, United States of America (USA), and India were the top three export destinations based on the value of imports.
“Regrettably, of the top 10 export destinations of Nigerian products, none is an African country. Only Benin and the Niger Republic made it to the top 15.”
