According to the Nigerian Export Promotion Council, non-oil exports brought in $2.7 billion in the first half of 2024, up 6.26 percent from $2.5 billion in the same period in 2023.
This was revealed on Wednesday in Abuja at the presentation of the progress report on non-oil export performance for H1 2024 by Nonye Ayeni, the Executive Director/Chief Executive of NEPC.
Ayeni reported that 211 items, ranging from agricultural commodities to products from extractive sectors, were exported for a total of 3.834 million metric tonnes during the study period.
She observed that the performance shows a steady diversification of Nigerian exports from conventional raw agricultural products to semi-processed and manufactured commodities.
She credited President Bola Tinubu’s Renewed Hope Agenda policy measures and the smooth transition of administration in May 2023 for the increase in export value.
Ayeni also emphasized the significance of the NEPC’s “Operation Double Your Exports” program, claiming it had improved the performance of the industry.
“We have seen measurable outcomes from our coordinated efforts to increase Nigeria’s non-oil export base in just six months.
“I am hopeful that the several export intervention initiatives and projects we have launched and are currently working on, along with the NEPC’s flagship campaign, Operation Double Your Exports,
The non-oil export sector in Nigeria is poised to contribute significantly to the country’s GDP, boost foreign exchange earnings, and ensure sustainable economic growth, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Ayeni, who has been in office since October 2023, has emphasized the council’s commitment to working with stakeholders to promote export growth. She also highlighted the rising demand for exportable goods like citrus peel, sorghum, and fresh vegetables in international markets.
She also emphasized the unrealized potential in the services sector, notably in ICT and logistics, and asked financial institutions to help exporters by offering them reasonably priced financing so they may increase output, particularly in light of the opportunities the African Continental Free Trade Area presents.
According to Ayeni, “this support is critical to increasing Nigeria’s foreign exchange earnings by stimulating value-addition and expanding the basket of exportable products.”
She emphasized again how crucial it is to lower product rejections by collaborating with pertinent organizations to guarantee compliance with international quality and standardization.
The Nigerian Council is working with agencies and parastatals to promote good agricultural practices, labelling, and packaging, and ensure global market quality. The Central Bank of Nigeria’s Inflation Expectations Survey for July 2024 revealed that businesses in Nigeria are less pessimistic about inflation trends compared to households. The survey, which surveyed 1,600 businesses and 1,650 households, found that 83.7% of respondents believed the current inflation level was high. However, businesses reported a slightly less negative perception, with an index of -58.7 points, compared to households’ -63.3 points. Large businesses expressed greater concern, but anticipated a lower inflation rate in the near future.
According to the IES, energy prices, exchange rates, and transportation expenses will be the main drivers of inflation in the upcoming months, as both businesses and people anticipate more inflation. The survey also revealed that households were more pessimistic about their own financial situation compared to businesses. Despite this, both groups expected inflation to increase in the coming months due to rising energy prices, exchange rates, and transportation expenses.
According to the report, 83.7 percent of respondents thought that the present rate of inflation was high, with an index of -61.1 points. This was the general assessment of inflation in July 2024.
This perception of inflation is shared by all income levels; individuals earning between N150,001 and N200,000 had an index of -66.4 points, which is exceptionally high, whilst those earning above N200,000 had a less negative score of -58.3 points.
The primary cause of inflation was found to be energy costs, which rose from 90.6 points in June to 91.8 points in July. This increase in energy costs directly impacted transportation expenses, contributing to the overall negative perception of inflation among respondents. The report also highlighted a concern for future inflation rates if energy costs continue to rise.
