Nigeria’s Non-Oil Export Declines to $4.5bn in 2023 – Nepc

Nigeria’s non-oil export has dropped by over $300 million from $4.8 billion in 2022 to $4.5 billion in 2023, the Nigerian Export Promotion Council (NEPC) has disclosed.

Executive Director of NEPC, Nonye Ayeni disclosed this on Thursday at a press conference to present a non-oil exports progress report for the year 2023.

According to her, “The decline is attributed to the slowdown of economic activities leading to the 2023 general elections as well as other global economic factors.”

Speaking on the report, she explained that although the value of exports reduced in the year under review, the volume of exports had appreciated.

“The volume of Nigeria’s non-oil export continues to increase over the years and specifically in 2023, we recorded a volume of 6.685 million metric tonnes of exportable products. A total of Two Hundred and Seventy-Three (273) different products were reported to have been exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities. This figure reflects a notable increase of approximately 28.04%, compared to the preceding year.

“Based on information received from Pre-shipment Inspection Agents (PIAs), of the top 20 products exported in the year 2023, Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower were top of the list respectively.”

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