The Nigerian Export Promotion Council (NEPC) announced that Nigeria generated $2.7 billion from non-oil exports in the first half of 2024, marking a 6.26% increase compared to the $2.5 billion recorded during the same period in 2023. This growth was largely driven by the country’s shift towards exporting semi-processed and manufactured products.
The NEPC’s Executive Director and Chief Executive, Nonye Ayeni, revealed these figures on Wednesday during a presentation on the non-oil export performance for the first half of the year in Abuja. Ayeni highlighted that a total of 3.834 million metric tonnes of goods were exported during this period, including 211 different products ranging from agricultural commodities to items from extractive industries.
Ayeni attributed the growth in non-oil exports to several factors, including the successful government transition in May 2023 and the economic policies under President Bola Tinubu’s Renewed Hope Agenda. She also credited the NEPC’s “Operation Double Your Exports” campaign, which focused on partnerships, advocacy, capacity building, and export intervention programs to boost Nigeria’s export capacity and improve the value and volume of its non-oil exports.
“We are seeing a positive trend towards the diversification of Nigerian products, moving away from traditional raw agricultural exports to more semi-processed and manufactured goods,” Ayeni said. She emphasized the potential for further growth in the services sector, particularly in logistics and ICT, and called on financial institutions to support exporters by providing affordable financing, especially in light of the African Continental Free Trade Area (AfCFTA).
Ayeni also discussed the importance of reducing the volume of rejected Nigerian products in the international market. She highlighted the NEPC’s efforts to collaborate with relevant agencies to improve agricultural practices, labeling, packaging, and adherence to international quality standards.
Meanwhile, the Central Bank of Nigeria’s (CBN) latest Inflation Expectations Survey for July 2024 indicated that businesses in Nigeria were slightly less pessimistic about current inflation trends compared to households. The survey, which included responses from 1,600 businesses and 1,650 households across the country, found that while both groups perceive inflation as high, businesses are somewhat more optimistic about future inflation rates. Large businesses, however, expressed greater concern, citing high energy prices, exchange rates, and transportation costs as significant inflation drivers.
Overall, the survey suggested that while businesses and households expect inflation to rise in the coming months, businesses generally anticipate a lower inflation rate in the near future. Respondents highlighted energy prices, exchange rates, and transportation costs as the main factors influencing inflation expectations.
