The Nigerian Export Promotion Council (NEPC) has reported that non-oil exports contributed $2.7 billion to the economy in the first half of 2024, marking a 6.26% increase from the $2.5 billion recorded in the same period in 2023.
This update was disclosed by the Executive Director/Chief Executive of NEPC Nonye Ayeni during a progress report presentation in Abuja on Wednesday.
According to Ayeni, the volume of exports during this period reached 3.834 million metric tonnes, encompassing 211 different products ranging from agricultural commodities to extractive industry outputs. She noted a shift in export trends from traditional raw agricultural goods towards semi-processed and manufactured products, reflecting a diversification in Nigeria’s export base.
This progress is attributed to the successful government transition in May 2023 and the policy initiatives under President Bola Tinubu’s Renewed Hope Agenda.
Ayeni highlighted the role of the NEPC’s “Operation Double Your Exports” initiative, which she believes has positively impacted the sector’s performance. She expressed optimism that ongoing export intervention programs and campaigns will further boost the sector’s contribution to Nigeria’s Gross Domestic Product (GDP), enhance foreign exchange earnings, and support sustainable economic growth. This aligns with President Tinubu’s agenda for job creation and poverty alleviation.
The NEPC is also focusing on increasing the global competitiveness of Nigerian exports. Ayeni pointed out the rising demand for products like fresh vegetables, citrus peel, and sorghum in international markets. She stressed the need for support from financial institutions to provide affordable finance to exporters, particularly in light of opportunities under the African Continental Free Trade Area (AfCFTA). Additionally, she highlighted the potential in the services sector, notably logistics and ICT, for contributing to export growth.
To address quality issues, Ayeni emphasized the council’s efforts to collaborate with relevant agencies to enhance adherence to global standards, improve agricultural practices, and ensure proper labeling and packaging of exports.
