The Nigerian Export Promotion Council (NEPC) has reported a significant increase in non-oil exports, generating $2.7 billion in the first half of 2024. This marks a 6.26% rise from the $2.5 billion recorded during the same period in 2023.
This achievement was highlighted by NEPC’s Executive Director and CEO, Nonye Ayeni, during a presentation in Abuja. Ayeni noted that the total export volume for the first half of the year reached 3.834 million metric tonnes, encompassing 211 different products. These products ranged from agricultural commodities to those derived from extractive industries, reflecting a shift towards more diversified export offerings.
Ayeni attributed the growth in export value to Nigeria’s stable political environment following the successful transition of government in May 2023 and the proactive policy measures under President Bola Tinubu’s “Renewed Hope Agenda.” Additionally, she pointed to the NEPC’s “Operation Double Your Exports” initiative as a key driver of the sector’s improved performance.
“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base,” Ayeni stated. She expressed optimism that ongoing export intervention programs and projects would continue to bolster the sector, contributing to Nigeria’s GDP, increasing foreign exchange earnings, and supporting sustainable economic growth.
Ayeni also emphasized the NEPC’s commitment to enhancing global competitiveness for Nigeria’s non-oil export sector. She highlighted the growing international demand for Nigerian products like fresh vegetables, citrus peel, and sorghum. Moreover, she underscored the untapped potential in the services sector, particularly in logistics and ICT, urging financial institutions to provide affordable financing to exporters. This, she argued, is crucial for scaling up production and taking advantage of opportunities presented by the African Continental Free Trade Area.
The NEPC is also addressing the issue of product rejects in the global market by collaborating with relevant agencies to ensure that Nigerian exports meet international quality standards.
