Abuja, Nigeria
Nonye Ayeni, Executive Director of the Nigerian Export Promotion Council (NEPC), says the economy’s non-oil export sector recorded $2.7 billion in revenue in the first half (H1) of 2024.
Ayeni spoke in Abuja on Wednesday during the presentation of a progress report on Nigeria’s non-oil export performance.
According to her, the figure showed a 6.26 percent increase compared to the $2.53 billion earned in the same period in 2023.
She said the significant uptick in export revenue highlights the country’s ongoing efforts to diversify its economy away from oil dependence.
“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base,” Ayeni said.
“The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives.”
She noted that 211 different products were exported during this period signifying product diversification and market reach.
She said this showed a shift from traditional agricultural commodities to more semi-processed and manufactured goods.
“Leading the charge was cocoa beans, which constituted 23.18 percent of the total non-oil exports, followed by urea/fertiliser and sesame seeds at 13.78 and 11.04 percent,” she added.
“These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio.”
The executive director added that there is a growing prominence of newer export products such as fresh vegetables, citrus peel, and sorghum, which are gaining traction in the global market.