Nigeria’s non-oil sector recorded a slight decrease in the value of exports to $2.54bn representing 0.09 per cent dip in the first half of 2023.
This was revealed by the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council, NEPC, Ezra Yukusak, during a presentation of the non-oil export sector for the first half year of 2023.
In perspective, he explained the recorded figure was a slight decrease as against $2.59bn in the corresponding period of 2022.
The NEPC boss, who maintained that the agency would achieve $5bn non-oil export target, blamed transition to a new government and changes in global market conditions as reasons for the slight dip.
Speaking to journalists, he said, “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023.
“The non-oil export returns from various pre-shipment inspection agents indicated that 3.94 billion metric tons of products worth $2.54bn was exported in the first half of the year from January to June as against the sum of $2.59bn to the corresponding period of 2022. From these figures, it is apparent that slight decrease of 0.09 per cent was recorded in the period under review.”
“The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.
“The second reason is the changes in global economic conditions, such as slowdown in global demand or decline in productive prices Prices, which may have negatively impacted on non-oil export performance.”
He also revealed that no fewer than 224 Nigerian products were exported to 110 countries across five continents with no Economic Community of West African States country among the top ten importers of Nigerian products.