NEPC Generates Highest Non-Oil Export Earnings For Nigeria In 47 Years, Grosses $4.82bn

…Targets $6.27bn Non-Oil Export Earnings For 2023

The Nigerian Export Promotion Council (NEPC) has generated the highest non-oil exports earnings for Nigeria with the sum of $4.82bn in 2022.

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The amount, which was disclosed by the Executive Director/Chief Executive Officer of NEPC, Dr Ezra Yakusak, is the highest performance recorded in the 47 year history of the Council.

Yakusak gave the figure while presenting the non-oil export performance for year 2022 to journalists in Abuja.

According to him, the $4.82bn non-oil exports earnings represented an increase of 39.91 per cent over what was earned in 2021.

He disclosed that the figures represent data collated from the various Pre-shipment inspection agents appointed by the Federal Government under the Pre-shipment Inspection Act, 2004.

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He said this current result lends credence to the fact that the several export intervention programmes initiated and executed by the Council and other sister agencies during the year under review were gradually yielding the desired result.

The NEPC Boss said, “It is cheering to note that despite the harsh economic environment precipitated by the effect of COVID-19 and the global economic recession, the sector recorded a significant and highly impressive result with a non-oil export earnings of $4.82bn recorded for the year under review.

“This represented an increase of 39.91 per cent over 2021. May I categorically emphasized that, these figures represent data collated from the various Pre-shipment Inspection Agents appointed by the Federal Government under the Pre-shipment Inspection Act, Cap P25 LFN 2004.

“I am glad to inform you that this result is the highest value ever achieved since the establishment of the Nigerian Export Promotion Council 47 years ago.

“This current result lends credence to the fact that the several export intervention programmes/projects initiated and executed by the Council and other sister Agencies during the year under review are gradually yielding the desired result.”

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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, Yakusak stated that 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,’’ he said.

Giving a breakdown of the non-oil performance, Yakusak said that 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.

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“The month of December recorded the highest export value of 10.37 per cent,’’ he added.

The NEPC boss, however, regretted that of the top 10 importers of Nigerian products, no African/ECOWAS country made it to the top 10.

“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, 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 said.

Yakusak further said 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,’’ Yakusak said.

On the projection for this year, he said the Council is targeting to raise the benchmark of what was earned last year by 30 per cent.

This implies that the NEPC will be targeting to increase the $4.28bn it generated in 2022 to about $6.27bn this year.

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