Post by Trade Coach on Jan 14, 2023 17:58:52 GMT 1
Nigeria’s non-oil exports grew by 39.91 per cent in 2022 to $4.820 billion, the Nigerian Export Promotion Council revealed Friday.
Semi-processed/manufactured products made up 36.61 per cent of the exports beating Agriculture’s 30.12 per cent volume of non-oil exports, while precious stones made up 17.06 per cent, and others 13.21 per cent.
This was revealed by the Executive Director/CEO of the Nigerian Export Promotion Council, Ezra Yukusak, during the presentation of the non-oil export performance for the year 2022 in Abuja.
According to the NEPC boss, figures were retrieved from various Pre-shipment inspection agents appointed by the Federal Government under the Pre-shipment Inspection Act, of 2004.
Yakusak noted that the country’s non-oil exports record for 2022 reached its highest since the establishment of the NEPC 47 years ago, acknowledging export intervention programmes by the NEPC over the years.
He said, “About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022.
“Of these products exported, Urea/Fertiliser topped the list with 32.87 per cent.
“The emergence of Urea/Fertiliser as the highest exported product in 2022 can be attributed to the Russia-Ukraine war which created an avenue for Nigeria’s Urea/Fertilizer to thrive.
“It is worthy to note that our products were exported to 122 countries with Brazil recording the highest import value of 12.27 per cent.”
Giving a breakdown of the non-oil performance, Yakusak said 1,172 exporters participated with Indorama-Eleme Fertilizer and Chemical Limited taking the lead with 23.25 per cent.
“Thirty one issuing banks participated with Zenith Bank PLC processing the highest NXP values, 19 exit points were used with Apapa Port recording the highest tonnage.
“The month of December recorded the highest export value of 10.37 per cent,’’ he said.
Yukusak, however, regretted that no African nation made it to the top 10 list of Nigerian product importers, adding that the NEPC was working to reverse that through the Africa Continental Free Trade Area.
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA).
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, and participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region.
“Put differently, there is the need to increase intra-African trade given the huge opportunities and benefits therein,” he stated.
He added that the non-oil export of Nigerian products was gradually diversifying from its traditional agriculture exports to semi-processed/manufactured products.
“This is buttressed by the fact that out of the product group exported, agricultural products topped with 30.12 per cent.
“Semi processed/manufactured products 36.61 per cent and precious stones 17.06 per cent and others 13.21 per cent,’’ he said.
Source: punchng.com/non-oil-exports-rose-to-4-8bn-in-2022-nepc/?utm_source=telegram&utm_medium=social
Semi-processed/manufactured products made up 36.61 per cent of the exports beating Agriculture’s 30.12 per cent volume of non-oil exports, while precious stones made up 17.06 per cent, and others 13.21 per cent.
This was revealed by the Executive Director/CEO of the Nigerian Export Promotion Council, Ezra Yukusak, during the presentation of the non-oil export performance for the year 2022 in Abuja.
According to the NEPC boss, figures were retrieved from various Pre-shipment inspection agents appointed by the Federal Government under the Pre-shipment Inspection Act, of 2004.
Yakusak noted that the country’s non-oil exports record for 2022 reached its highest since the establishment of the NEPC 47 years ago, acknowledging export intervention programmes by the NEPC over the years.
He said, “About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022.
“Of these products exported, Urea/Fertiliser topped the list with 32.87 per cent.
“The emergence of Urea/Fertiliser as the highest exported product in 2022 can be attributed to the Russia-Ukraine war which created an avenue for Nigeria’s Urea/Fertilizer to thrive.
“It is worthy to note that our products were exported to 122 countries with Brazil recording the highest import value of 12.27 per cent.”
Giving a breakdown of the non-oil performance, Yakusak said 1,172 exporters participated with Indorama-Eleme Fertilizer and Chemical Limited taking the lead with 23.25 per cent.
“Thirty one issuing banks participated with Zenith Bank PLC processing the highest NXP values, 19 exit points were used with Apapa Port recording the highest tonnage.
“The month of December recorded the highest export value of 10.37 per cent,’’ he said.
Yukusak, however, regretted that no African nation made it to the top 10 list of Nigerian product importers, adding that the NEPC was working to reverse that through the Africa Continental Free Trade Area.
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA).
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, and participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region.
“Put differently, there is the need to increase intra-African trade given the huge opportunities and benefits therein,” he stated.
He added that the non-oil export of Nigerian products was gradually diversifying from its traditional agriculture exports to semi-processed/manufactured products.
“This is buttressed by the fact that out of the product group exported, agricultural products topped with 30.12 per cent.
“Semi processed/manufactured products 36.61 per cent and precious stones 17.06 per cent and others 13.21 per cent,’’ he said.
Source: punchng.com/non-oil-exports-rose-to-4-8bn-in-2022-nepc/?utm_source=telegram&utm_medium=social
