FX crisis plunges Nigeria’s non-oil exports to $4.5bn

The Nigerian Export Promotion Council has reported a slight decrease in the value of Nigeria’s non-oil export revenue, which amounted to $4.5 billion in 2023. This indicates a marginal drop of $300 million or 6.3% from the $4.8 billion recorded in 2022 and falls short of the $5 billion target set by the council for the year.informationguidenigeria

Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council, shared these figures during a media briefing on the performance report of the non-oil export sector for 2023. Despite the reduction in revenue, Ayeni highlighted a positive aspect—there was an increase in the volume of metric tonnes of non-oil products exported, reaching 6.7 million for the business year. This underscores the significance of the non-oil sector in contributing to the revitalization of the Nigerian economy, aligning with the government’s efforts to diversify from dependence on oil exportsJAMB Result

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She said, “In 2022, there was a $4.8bn in terms of value. And in 2023, there was a marginal decline to $4.5bn. But we got an increase in the volume of export. In 2023, we had 6.68, million metric tons of manufactured, semi-processed, solid minerals to agricultural commodities.”

“Reasons for the decline are not far-fetched. They include export rejects, which we are already working on. We talked about the election and the new government that came in.

“Also, political issues in neighbouring countries like Niger Republic. A lot of our products go to the West African countries and we see what’s happening in terms of political issues, instability among the neighbouring countries, and generally economic recession, and then exchange rate.”NYSC Portal

The NEPC boss also promised to minimise the surge of informal trade going through the land borders for effective revenue collection.

“We have gathered that there has been a surge in informal trade which is one of the things we are trying to address. So on paper, in terms of the volume, there’s a substantial volume increase.JAMB Portal

“Why you are seeing a decline is because of the informal trade and we are working to formalise some of those trades.”

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