Nigeria’s non-oil export sector experienced significant growth in 2023, with the country exporting 6.685 million metric tonnes of non-oil products valued at $4.518 billion.
This represents a 28.04 per cent increase from the previous year, underscoring Nigeria’s ongoing efforts to diversify its economy and reduce reliance on oil exports.
The Executive Director/CEO of the Nigerian Export Promotion Council, NEPC, Nonye Ayeni, disclosed this in Lagos, at a recognition dinner that honoured top-performing non-oil export companies.
The event celebrated the resilience and innovation of industry leaders who have played a pivotal role in expanding Nigeria’s non-oil export capacity.
Ayeni noted that 273 distinct non-oil products were exported in 2023, ranging from semi-processed goods to raw agricultural commodities.
She said: “Key exports included urea, cocoa beans, sesame seeds, soybeans, gold dore, cashew nuts, aluminum ingots, and hibiscus flowers.
“These products have positioned Nigeria as a competitive player in global markets, bolstering foreign exchange inflows and contributing to the stabilization of the naira.”
She commended the efforts of the exporters, stating “your contributions underscore Nigeria’s immense potential beyond oil, and serve as an inspiration to other businesses to tap into opportunities in the non-oil sector.”
Ayeni also announced the launch of the “Double Our Non-Oil Export, DONE” initiative to further double Nigeria’s non-oil exports in the coming years.
According to her, this initiative aligns with the country’s industrial revitalization agenda and renewed hope agenda, focusing on job creation, poverty alleviation, and sustainable economic development.
“We plan to prioritize 20 key products, support 10 top exporters per product, and target five international markets,” she added.
She introduced the export support officers, ESO, programme, adding that such programmes would be assigned to major exporters as dedicated points of contact to resolve operational challenges and ensure smooth business processes.
Also speaking at the event, the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, emphasized the government’s commitment to creating an enabling environment for exporters.
She said: “We have signed trade agreements with several countries, including the UK, the US, China, and India, to open up more market access for our exporters.
“We are working to remove barriers for exporters, as President Tinubu has emphasized. Our goal is to attract foreign investment, expand export capacity, and address any challenges exporters may face.”
The minister noted further that the government was focussing on increasing access to financing, particularly through partnerships with the Bank of Industry, BOI, and Nexim Bank, which offer single-digit interest rates to support export manufacturing.
“The top 30 companies being honored today are those involved in export manufacturing, and we will continue to encourage industrialization and the processing of raw materials before export, as this enhances revenue,” she added.
Uzoka-Anite reiterated the government’s support for industrialization, trade, and investment, saying “there are incentives in place, including tax credits and reduced tariffs, for exporters, to ensure the non-oil sector continues to thrive.”
