The Nigerian Export Promotion Council reported that non-oil exports generated $2.7bn in the first half of 2024, representing a 6.26 per cent increase from the $2.5bn recorded during the same period in 2023.
This was disclosed by the Executive Director/Chief Executive of NEPC, Nonye Ayeni, during a presentation of the progress report on non-oil export performance for H1 2024 in Abuja on Wednesday.
Ayeni stated that the total volume of exports during the review period was 3.834m metric tonnes, with 211 products exported, ranging from agricultural commodities to products from extractive industries.
She noted that the performance indicates that Nigerian products are gradually diversifying from traditional raw agriculture exports to semi-processed and manufactured goods.
She attributed the increase in export value to the successful transition of government in May 2023 and the policy initiatives under President Bola Tinubu’s Renewed Hope Agenda.
Additionally, Ayeni highlighted the impact of the NEPC’s “Operation Double Your Exports” initiative, which she said has positively influenced the sector’s performance.
“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base.
“I am optimistic that with the several export intervention programmes and projects we have started and are ongoing, complemented by the NEPC flagship campaign programme, ‘Operation Double Your Exports,’
“The sector is positioned to contribute immensely to the country’s Gross Domestic Product, increase the country’s foreign exchange earnings and thereby ensure sustainable economic growth, which aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, for job creation, poverty alleviation, among others,” Ayeni stated.
She also emphasised the council’s commitment to collaborating with stakeholders to stimulate export growth. Reflecting on her tenure since October 2023.
“When I assumed office in October 2023, I and my management team resolved to reposition the non-oil export sector towards global competitiveness,” she said.
Ayeni also discussed the growing prominence of several exportable products, such as fresh vegetables, citrus peel, and sorghum, which are increasingly in demand in global markets.
She also underscored the untapped potential in the services sector, particularly in logistics and ICT, and urged financial institutions to support exporters by providing affordable finance to scale up production, especially with the opportunities presented by the African Continental Free Trade Area.
“This support is critical to increasing the basket of exportable products and stimulating value-addition, thereby increasing Nigeria’s foreign exchange earnings,” Ayeni added.
She further emphasised the importance of reducing product rejects by working with relevant agencies to ensure adherence to global quality and standards.
“The council is addressing the issues by collaborating with relevant agencies and parastatals to create awareness, build capacity for good agricultural practices, labelling and packaging and ensure adherence to the quality and standards of exports in the global market,” she said.
Meanwhile, the Central Bank of Nigeria released its latest Inflation Expectations Survey for July 2024, which revealed that businesses in Nigeria are somewhat less pessimistic about current inflationary trends compared to households.
The survey, which gathered insights from 1,600 businesses and 1,650 households across the country, indicated that 83.7 per cent of respondents believed the current inflation level was high, with an overall index of -61.1 points.
Businesses, however, reported a slightly less negative perception with an index of -58.7 points, compared to households at -63.3 points. Large businesses expressed greater concern, with an index of -70.8 points, though they anticipated a lower inflation rate in the near future compared to households.
The IES highlighted that both businesses and households expect inflation to rise further over the coming months, driven primarily by energy prices, exchange rates, and transportation costs.
The report noted, “The overall perception of inflation in July 2024 showed that 83.7 per cent of the respondents believed that the current level of inflation was high with an index of -61.1 points.”
This sentiment is echoed across different income groups, with those earning between N150,001 and N200,000 perceiving inflation as particularly high, with an index of -66.4 points, while those earning above N200,000 had a less negative index of -58.3 points.
Energy costs were identified as the top driver of inflation, increasing from 90.6 points in June to 91.8 points in July.
