Non-oil export dips by 0.09% in six months
Non-oil exports returns from the various pre-shipment inspection agents indicated that 3.94 million metric tonnes of products worth $2.54 billion was exported in the first half of 2023 (January-June 2023) representing 0.09 per cent decrease over $2.59 billion achieved in the corresponding period in 2022.
The Executive Secretary of the Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, disclosed this at the presentation of the first half-year progress report on the non-oil export performances for 2023.
Yakusak attributed the slide to the outcome of the 2023 elections and subsequent transitions, which affected economic activities.
He also attributed the decrease to changes in global economic conditions such as a slowdown in global demand or decline in commodity prices, which also impacted negatively on non-oil export performances.
The NEPC boss said: “Of a total number, 224 different products were exported in the period under review ranging from manufactured semi-processed solid minerals to agricultural commodities.
“A breakdown of the non-oil export performance shows that of the top 15 products exported in the first half year of 2023. Urea, cocoa, beans, cashew nut/Kernels. Sesame seed and soya beans deal were top on the list respectively.”
According to him, a total of 1.059 metric tonnes of products worth $175.476 million amounting to 6.91 per cent of the total export were distributed to 13 ECOWAS countries.
Also, a total of 859 companies participated in the non-oil export trade in the period under review.
“It is worthy to note that Ibdorama-Eleme Fertiliser and Chemical Limited took the lead with $282.29 million in value terms, while Dangote Fertiliser Limited recorded the second-highest value of $199.87 million,” he said.
He further revealed that 30 banks participated in the issuance of the Nigeria Export Processed Forms (NXPs) for the period with Zenith Bank processing the highest NXPs valued at 38.11 per cent while United Bank of Africa and First Bank of Nigeria processed 10.5 per cent and 9.87 per cent respectively.
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