Post by Trade facilitator on Dec 29, 2021 15:03:35 GMT 1
Non-Oil Exports Rise By 205%, Hit N942 Billion In Five Years – National Bureau Of Statistics
An analysis of data from the National Bureau of Statistics shows that Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021. This is a space of five years.
From the analysis above, it means that within a space of five years, Nigeria’s non-oil exports rose by N942bn or 205%.
A breakdown of the non-oil exports within the period under review showed the following:
First quarter of 2017, non-oil exports stood at N170.6bn, but fell to N161.57bn in the second quarter, and dropped further to N126.47bn in the third quarter of the year.
The value of non-oil exports in the first nine months of 2017 is N458.64bn; this represents 4.7% of the total exports made during the period under review.
In Q1 of 2018, non-oil exports rose to N577.6bn, but dropped to N218.4 and N163.3bn in Q2 and Q3 respectively.
This brings the total of non-oil exports within the period under review to N959.3bn.
The value of N959.3 of non-oil exports represents only 6.9 per cent of the total national exports of N13.8tn recorded within the period under review.
The value of non-oil exports in Q1 of 2019 stood at N604.4bn; it went up to N1.08tn in Q3 after falling to N277bn in Q2 of the same year.
Between January and September 2019, the total value of non-oil exports was N1.8tn, which stands at about 12.4 per cent of aggregate exports during the same period under review.
In Q1 of 2020, non-oil exports stood at N611.2bn, N352.9bn in Q2, and N214.6 in Q3. This brings the total of non-oil exports within the period under review to N1.2tn.
In Q1 of 2021, non-oil exports stood at N455.4bn; it rose to N462.8bn in Q2 of 2021, and jumped to N546.2bn in Q3 of 2021.
A professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said that the upward trend in non-oil exports was as a result of increased agricultural goods export backed by government intervention.
“There are a lot of government policies to encourage non-oil exports, especially among small and medium-scale industries. For instance the NEPC provides various incentives to the SMEs that encourage exportation.
“A lot of people do not know that we export quite a number of agricultural products such as snails and ginger to neighboring countries. So the reason for upward trend is agricultural exports.
He said that “Crude oil is still our major export; it is through it that we earn our foreign exchange and generate revenue.
“The message is that the government should try to put in place policies that will diversify the economy, not just talking about it. The country must be industrialized so that we export non-oil products with real value.
“What I am saying is that our current non-oil export portfolio shows that we are exporting a lot of agricultural products which aren’t generating enough foreign exchange.”
He urged the Federal Government to use the revenue currently generated from the export of crude oil to boost production in critical sectors of the economy.
Another expert and senior lecturer in the Department of Economics at the Pan Atlantic University, Olalekan Aworinde, said that there is huge potential in the non-oil sector if properly harnessed.
“To shore up non-oil exports, we must shift from the exportation of raw materials to semi-finished goods with higher value, create good bilateral relationships and encourage trade, not just imports, an enabling environment for business growth and institute policies that favour growth in critical sectors,” he said.
The truth is, if Nigeria does not quickly engage in value added non-oil exports, the country will sooner than later find itself in a very difficult situation.
According to the Director General of the Lagos Chamber of Commerce and Industry (LLCI), Muda Yusuf, he said that the creation of a competitive business environment will grow the non-oil sector; citing high cost of production, taxation, logistics, regulatory policies among others as production challenges depressing the sector.
Yusuf said recently at the quarterly workshop of Business Editors, that the non-oil sector trade is presently dominated by non-Nigerians. The real business of trading in the international market is done by foreigners.
The way things are presently, if we take out the oil and gas, then we will find out that we are not in any serious export business.
We are dedicating 2022 to bring Nigerians back into non-oil export business.
Our company is one of the biggest export companies in Nigeria; currently we have ready to buy international buyers for cashew for the 2022 season. If you are interested in signing contracts with them, please contact the admin of this forum immediately.
An analysis of data from the National Bureau of Statistics shows that Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021. This is a space of five years.
From the analysis above, it means that within a space of five years, Nigeria’s non-oil exports rose by N942bn or 205%.
A breakdown of the non-oil exports within the period under review showed the following:
First quarter of 2017, non-oil exports stood at N170.6bn, but fell to N161.57bn in the second quarter, and dropped further to N126.47bn in the third quarter of the year.
The value of non-oil exports in the first nine months of 2017 is N458.64bn; this represents 4.7% of the total exports made during the period under review.
In Q1 of 2018, non-oil exports rose to N577.6bn, but dropped to N218.4 and N163.3bn in Q2 and Q3 respectively.
This brings the total of non-oil exports within the period under review to N959.3bn.
The value of N959.3 of non-oil exports represents only 6.9 per cent of the total national exports of N13.8tn recorded within the period under review.
The value of non-oil exports in Q1 of 2019 stood at N604.4bn; it went up to N1.08tn in Q3 after falling to N277bn in Q2 of the same year.
Between January and September 2019, the total value of non-oil exports was N1.8tn, which stands at about 12.4 per cent of aggregate exports during the same period under review.
In Q1 of 2020, non-oil exports stood at N611.2bn, N352.9bn in Q2, and N214.6 in Q3. This brings the total of non-oil exports within the period under review to N1.2tn.
In Q1 of 2021, non-oil exports stood at N455.4bn; it rose to N462.8bn in Q2 of 2021, and jumped to N546.2bn in Q3 of 2021.
A professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said that the upward trend in non-oil exports was as a result of increased agricultural goods export backed by government intervention.
“There are a lot of government policies to encourage non-oil exports, especially among small and medium-scale industries. For instance the NEPC provides various incentives to the SMEs that encourage exportation.
“A lot of people do not know that we export quite a number of agricultural products such as snails and ginger to neighboring countries. So the reason for upward trend is agricultural exports.
He said that “Crude oil is still our major export; it is through it that we earn our foreign exchange and generate revenue.
“The message is that the government should try to put in place policies that will diversify the economy, not just talking about it. The country must be industrialized so that we export non-oil products with real value.
“What I am saying is that our current non-oil export portfolio shows that we are exporting a lot of agricultural products which aren’t generating enough foreign exchange.”
He urged the Federal Government to use the revenue currently generated from the export of crude oil to boost production in critical sectors of the economy.
Another expert and senior lecturer in the Department of Economics at the Pan Atlantic University, Olalekan Aworinde, said that there is huge potential in the non-oil sector if properly harnessed.
“To shore up non-oil exports, we must shift from the exportation of raw materials to semi-finished goods with higher value, create good bilateral relationships and encourage trade, not just imports, an enabling environment for business growth and institute policies that favour growth in critical sectors,” he said.
The truth is, if Nigeria does not quickly engage in value added non-oil exports, the country will sooner than later find itself in a very difficult situation.
According to the Director General of the Lagos Chamber of Commerce and Industry (LLCI), Muda Yusuf, he said that the creation of a competitive business environment will grow the non-oil sector; citing high cost of production, taxation, logistics, regulatory policies among others as production challenges depressing the sector.
Yusuf said recently at the quarterly workshop of Business Editors, that the non-oil sector trade is presently dominated by non-Nigerians. The real business of trading in the international market is done by foreigners.
The way things are presently, if we take out the oil and gas, then we will find out that we are not in any serious export business.
We are dedicating 2022 to bring Nigerians back into non-oil export business.
Our company is one of the biggest export companies in Nigeria; currently we have ready to buy international buyers for cashew for the 2022 season. If you are interested in signing contracts with them, please contact the admin of this forum immediately.
