Abuja, July 19, 2023 – Nigeria exported 3.9 million metric tonnes of non-oil products in the first half of 2023 from which it earned $2.52 billion.
Ezra Yakusak, the Chief Executive of Nigeria Export Processing Zone (NEPC), gave the figures while giving a performance report on exports between January and June 2023 in Abuja.
He said that the proceeds from the exports dropped by 0.09 percent from the $2.59 billion recorded in the corresponding period of 2022.
“The reasons for this slight decrease could be attributed to the general election that was held in February/March 2023 and subsequent transition in Government which might have likely affected economic activities,” he said.
Yakusak said the changes in global economic conditions such as slowdown in global demand or decline in commodity prices might have also negatively impacted non-oil export performance.
He, however, expressed optimism that the NEPC would hit its $5 billion target this year.
The NEPC boss said that 859 companies participated in export activities to 110 countries spread among five continents of the world.
The top 5 countries were Vietnam, China, Japan, Brazil and India.
Yakusak said the NEPC, under its Export Development Programme for Priority Products, had concluded plans for the establishment of a Cashew Processing Plant in Ogbomosho in Oyo State on a public-private partnership arrangement.
“This is predicated on the fact that Ogbomosho cashew is globally acknowledged as a brand for good quality and thereby highly sought after in the international market.
“We have since commenced processes towards setting up the processing plant,” he said.
Yakusak said the removal of subsidy and the reform in the foreign exchange market were not envisaged, hence the need for the council to re-strategise and make plans to suit the new conditions.
He, however, said other incentives were still available to support the activities of exporters. (GBN)
