How Nigerian Exporters Earned $1.34bn From Non-Oil Exports In 3 Months

… Urea, Cocoa Beans, Sesame Seeds Top List Of Non-Oil Export

… Brazil, China, Japan Major Destinations For Non-Oil Products From Nigeria

Between January and March this year, companies operating in Nigeria made the sum of $1.345bn from the export of non-oil products to other countries, figures released by the Nigerian Export Promotion Council have revealed.

The $1.345bn non-oil export figures for the first the first three months of this year, represent an increase of 8.50 per cent over the first quarter figure of 2022 which stood at $1.249bn.

According to the figures released by the NEPC, a total number of 167 products were exported in the 1st quarter of 2023.

These products range from manufactured, semi-processed, solid minerals and raw agricultural commodities.

The first quarter report showed that Nigerian products are gradually shifting from the traditional export of raw agricultural commodities to the export of semi-processed and manufactured goods.

Of the top-ten products exported in the first quarter of 2023, Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal and Cashew nuts/kernels were top five.

During the period under review, a total of 618,184.06 metric tonnes of products worth $75.829m were exported to 12 ECOWAS

Of the ten top export companies, Indorama-Eleme Fertilizer and Chemical Limited took the lead with 13.39% ($182.804m) in terms of value while Dangote Fertilizer Limited recorded the second-highest value of $144, 089, 083.49 respectively

A total of 30 banks participated in the issuance of 5786 NXPs for the first quarter of 2023 with Zenith Bank PLC processing the highest NXP values at 37.42 per cent, United Bank of Africa Plc and First Bank of Nigeria with 11.494 per cent and 10.06bper cent respectively.

About 16 Exit Points used within the period under review had seaports in the South-West and South-South accounting for over 90 per cent of the total non-oil export volume.

A breakdown of the Exit Points showed that seven were seaports, three international airports and six land borders

The NEPC also stated that 97 countries, spread among five continents of the world imported Nigerian products during the period under review.

The top five countries that imported from Nigeria are Brazil, China, Japan, India and Netherlands.

Speaking on the performance of the non-oil export, the NEPC Executive Director/Chief Executive Officer, Ezra Yakusak stated that the increase in non-oil export seems to have shown that NEPC flagship campaign programme “Export4Survival” is gradually awakening the consciousness of most Nigerians on the need to imbibe an export culture as the credible alternative for the survival of the country.

He said the sector was vital given the high potential of the sector to create employment, alleviate poverty, enhance economic growth and industrial development as well as boost the country’s foreign exchange earnings.

In a bid to harness and optimize the potential in the non-oil export sector, he said plans are under way to launch a programme tagged “Export 774”.

Yakusak added, “The objective is to identify exportable products in the 774 local government areas in Nigeria, with a view to harnessing them for exports.

“Apart from the One State One Product (OSOP) programme, Export 774 was inspired by the huge success recorded in the export of Nigerian products to foreign countries in 2022.

“The overall target of this programme is to further identify the products in all the 774 local governments in Nigeria, create awareness of their potential and showcase the specific places where they can be sourced.”

He also said that the NEPC in collaboration with the Nigerian Universities Commission (NUC) has commenced consultations towards the introduction of Export Promotion as a course of study in the nation’s Universities as part of its Export for Survival Campaign.

“This intervention is propelled by the need to inculcate basi exporting knowledge and skills to Nigerians in various tertiary institutions.

“The course when introduced to identified Universities, has the potential of making the young graduands to become employers of labour and therefore self-reliant.

“This initiative will be better appreciated years later where these Universities begin to graduate a pool of skilled exporters that would occupy the non-oil export space. ensure the diversification of our products and generate the desired foreign exchange,” he added.

As part of strategies to catch them young and reduce the ‘Japa’ syndrome among Nigerian youths, he said the NEPC has also commenced the process of building the capacity of youths in terms of having the requisite basic skill for export.

The Youth for Export Programme, he added, is structured to reduce the high unemployment rate in the country and further create wealth along the non-oil export value chain.

Yakusak said this project would be implemented in collaboration with some selected exporting companies who will mentor beneficiaries of this programme to become exporters.

On the disbursement of the N308.45bn Promissory Notes to Exporting Companies, he said with the approval of the Federal Government, the disbursement to 199 exporting companies has
commenced.