Non-oil export performance dips in first half of 2023

Nigerian Export Promotion Council (NEPC) said there was a decrease in the country’s non-oil export performance during the first half of 2023. Dr. Ezra Yakusak, the Executive Director/CEO of the NEPC, disclosed this in a media briefing on the first half-year progress report on non-oil export performance for the year 2023. The report showed that the value of non-oil exports for the first half of 2023 amounted to $2.539 billion, compared to $2.593 billion for the same period in 2022. This indicates a decrease of 0.09% in export value. Several factors were cited as possible reasons for this decline, including the impact of the general election held in February/March 2023 and subsequent government transition, as well as changes in global economic conditions such as a slowdown in global demand or decline in commodity prices. During the period under review, a total of 224 different products were exported, encompassing manufactured goods, semi-processed items, solid minerals, and agricultural commodities. Among the top 15 products exported in the first half of 2023 were Urea, Cocoa Beans, Cashew Nut/Kernels, Sesame Seed, and Soya Beans/Meal.

The report highlighted that 1,058,791.27 metric tonnes of products worth $175.476 million were exported to 13 ECOWAS countries, accounting for 6.91% of the total export value. A total of 859 companies participated in non-oil export trade, with Indorama-Eleme Fertiliser and Chemical Limited leading in value terms. In terms of export destinations, 110 countries across five continents imported Nigerian products during the first half of 2023. The top five importing countries were Vietnam, China, Japan, Brazil, and India. Dr. Yakusak also provided updates on various operational activities of the NEPC. Notably, plans were announced for the establishment of a Cashew Processing Plant in Ogbomosho, Oyo State, under a Public-Private Partnership arrangement. The Council also conducted training sessions for Micro, Small, and Medium Enterprises (MSMEs) in different sectors to address technical barriers to trade and enhance competitiveness in niche markets. Other initiatives highlighted in the statement include the upcoming launch of the “Export 774” project, which aims to identify exportable products in all 774 local government areas of Nigeria, and the introduction of Export Promotion as a course of study in Nigerian universities through collaboration with the Nigerian Universities Commission (NUC).

Dr. Yakusak further emphasized the NEPC’s commitment to youth empowerment through programs like the Youth for Export initiative and the inclusion of football talent hunts to encourage youth participation in the non-oil export value chain. “The NEPC has also been working on improving export facilitation, including the establishment of Export Trade Houses (ETHs) in various countries and the Domestic Export Warehouse (DEW) project. The Council’s efforts to disburse Promissory Notes to exporting companies under the Export Expansion Grant (EEG) Scheme were successfully completed during the period under review,” he said. He said that collaborations with international organisations such as NICERT, Valency, and PRO-Cashew were entered into to boost Nigeria’s earnings from the shea export market and enhance cashew productivity. The NEPC’s participation in international trade fairs and exhibitions, both within Africa and globally, was also highlighted, showcasing Nigerian exporting companies and promoting their products on the international stage.