Nigeria witnessed a slight dip in non-oil export revenue, settling at $4.5 billion in 2023, marking a marginal decrease of $300 million or 6.3% compared to the $4.8 billion recorded in 2022. Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council, disclosed these figures during a media briefing on the 2023 performance report of the non-oil export sector.
Ayeni attributed the decline to a range of challenges, including unfavorable exchange rates, a surge in informal trade, political instability in neighboring countries, and export rejections. She highlighted ongoing efforts to address export rejects and pointed to the impact of elections and political issues in neighboring countries like Niger Republic.
Despite the reduction in revenue, Ayeni emphasized an increase in trade volume, with 273 different products exported in 2023. Noteworthy exports included urea, cocoa beans, cashew nuts/kernels, sesame seeds, and soya beans/meal. The total volume of exports reached 6.68 million metric tons, indicating growth in the variety of products traded.
While acknowledging the economic challenges, Ayeni noted that the overall picture is not entirely negative, considering the expanded range of products exported. The report underscores the continued efforts to diversify Nigeria’s economy beyond oil exports, even as the target for boosting non-oil exports faces various economic headwinds. Further details on the report are expected to be released soon.
