Nigeria records 1.345 billion dollars in non-oil export in first quarter 2023
By Jennifer Inah
Nigeria has recorded 1.345 billion US dollars in non-oil export in the first quarter of 2023.
The Director-General of the Nigerian Export Promotion Council, NEPC, Mr Ezra Yakusak disclosed this in Abuja, while presenting the first quarter progress report on non-oil performance for 2023 at a press briefing.
Mr Yakusak said the amount is an increase of 8.50 per cent over the 1.249 billion dollars recorded in the first quarter of 2022.
According to him, “A total number of 167 products were exported in the 1st quarter of 2023, these products range from manufactured, semi-processed, solid minerals and raw agricultural commodities.
“Just like last year, the first quarter also shows that Nigerian products are gradually shifting from its traditional export of raw agricultural commodities to the export of semi-processed and manufactured goods.”
While giving a breakdown of the top-ten products exported in the first quarter of 2023, Mr Yakusak stated that Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal and Cashew nuts/kernels were among the top five.
“A total of 618,184.06 metric tonnes of products worth 75.829 million dollars were exported to 12 ECOWAS countries in the period under review. You may need to note that this figure is 15.6% increase over the 1st quarter exports of 2022.
“Of the ten top export companies, Indorama-Eleme Fertilizer and Chemical Limited took the lead with $182.804 million in terms of value while Dangote Fertilizer Limited recorded the second-highest value of US $144,089,083.49 respectively,” he noted.
“A total of 30 banks participated in the issuance of 5786 NXPs for the first quarter of 2023 with Zenith Bank PLC processing the highest NXP values at 37.42%, United Bank of Africa (UBA) Plc and First Bank of Nigeria with 11.494% and 10.06% respectively.”
The NEPC boss stated that the 16 Exit Points used within the period under review had seaports in the South-West and South-South accounting for over 90 per cent of the total non-oil export volume.
Mr Yakusak explained that 97 countries, spread among five continents of the world, imported Nigerian products during the period under review adding that the top five countries that imported from Nigeria are Brazil, China, Japan, India and Netherlands.
“Regrettably, no African country made the top 10 non-oil export destination.
“We believe that the full implementation of the African Continental Free Trade Area (AfCFTA) will change this Trade trajectory” he said.
Emmanuel Ukoh
