Nigeria’s non-oil export sector has seen remarkable growth in 2023, with the country exporting 6.685 million metric tonnes of non-oil products valued at $4.518 billion.
This marks a significant 28.04% increase compared to the previous year, reflecting the nation’s ongoing efforts to diversify its economy and reduce dependence on oil exports.
Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), announced these figures at a recognition dinner in Lagos honoring top-performing non-oil export companies. The event celebrated the resilience and innovation of industry leaders crucial to expanding Nigeria’s non-oil export capacity.
Ayeni noted that a total of 273 distinct non-oil products were exported in 2023, including urea, cocoa beans, sesame seeds, soybeans, gold dore, cashew nuts, aluminum ingots, and hibiscus flowers. These exports have positioned Nigeria as a competitive player in global markets, bolstering foreign exchange inflows and contributing to the stabilization of the naira.
She commended the exporters for their vital contributions, stating, “Your efforts underscore Nigeria’s immense potential beyond oil and serve as an inspiration for other businesses to explore opportunities in the non-oil sector.” Ayeni also launched the “Double Our Non-Oil Export, DONE” initiative, aimed at doubling non-oil exports in the coming years. This initiative aligns with the country’s industrial revitalization agenda and focuses on job creation, poverty alleviation, and sustainable economic development.
“We plan to prioritize 20 key products, support 10 top exporters per product, and target five international markets,” she added. As part of this initiative, Ayeni introduced the Export Support Officers (ESO) program, designed to serve as dedicated points of contact for major exporters to help resolve operational challenges and streamline business processes.
The Minister of Industry, Trade, and Investment Doris Uzoka-Anite, also spoke at the event, emphasizing the government’s commitment to creating an enabling environment for exporters. She highlighted recent trade agreements with countries such as the UK, US, China, and India, aimed at increasing market access for Nigerian exporters.
Uzoka-Anite further stated that the government is focused on removing barriers for exporters, as outlined by President Tinubu, with the goal of attracting foreign investment and expanding export capacity. She mentioned ongoing efforts to enhance access to financing through partnerships with institutions like the Bank of Industry and Nexim Bank, which offer single-digit interest rates to support export manufacturing.
“The top 30 companies being honored today are engaged in export manufacturing, and we will continue to promote industrialization and the processing of raw materials before export to enhance revenue,” she noted.
The minister reiterated the government’s support for industrialization, trade, and investment, highlighting incentives such as tax credits and reduced tariffs to ensure the continued growth of the non-oil sector.
