Emmanuel OchayiNigeria witnessed a marginal dip in non-oil export revenue, as figures released by the Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, unveiled a decline from $4.8 billion in 2022 to $4.5 billion in 2023.
Addressing the media, Ayeni attributed the setback to a myriad of challenges, including poor exchange rates, a surge in informal trade, political instability in neighboring countries, and export rejects.
“In 2022, there was a $4.8 billion in terms of value. And in 2023, there was a marginal decline to $4.5 billion,” stated Ayeni.
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She highlighted specific reasons, emphasizing export rejections, political changes, and instability in neighboring countries such as Niger Republic. These factors, coupled with economic recession and fluctuating exchange rates, contributed to the overall decline.
Despite the decrease in revenue, Ayeni emphasized a positive shift in trade volume. “In 2023, there were 6.68 million metric tons in terms of volume that was exported,” she stated.
The Executive Director also noted an increase in the number of export products, with urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal leading the pack among the 273 different products exported.
While the reduced revenue marks a departure from previous years of growth in non-oil exports, the government’s initiative to diversify the economy continues to face challenges.
The impact of political instability and economic uncertainties in the region has tested the resilience of Nigeria’s efforts to rely less on oil exports for revenue. Further insights into the strategies to counter these challenges and stimulate growth in the non-oil sector are expected in subsequent reports.
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