The Nigerian Export Promotion Council has announced that non-oil exports in the first half of 2024 generated $2.7 billion, marking a 6.26% increase from the $2.5 billion recorded in the same period the previous year.
According to The PUNCH, this development was shared by the Executive Director/Chief Executive Officer of NEPC, Nonye Ayeni, during her presentation on the non-oil export performance for H1 2024 in Abuja on Wednesday.
Ayeni detailed that the volume of exports during this period reached 3.834 million metric tonnes, spanning 211 different products.
These exports ranged from agricultural commodities to products derived from extractive industries, signifying a positive shift towards diversifying Nigeria’s export portfolio beyond traditional raw agricultural goods to include semi-processed and manufactured products.
She attributed this growth in export value to the smooth transition of government in May 2023 and the proactive policy measures under President Bola Tinubu’s Renewed Hope Agenda.
Ayeni emphasized the impact of NEPC’s ‘Operation Double Your Exports’ initiative, which she credited with driving the sector’s improved performance.
She remarked, “In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base.”
The Executive Director expressed optimism about the future, stating, “I am optimistic that with the several export intervention programmes and projects we have started and are ongoing, complemented by the NEPC flagship campaign programme, ‘Operation Double Your Exports,’ the sector is positioned to contribute immensely to the country’s Gross Domestic Product, increase the country’s foreign exchange earnings and thereby ensure sustainable economic growth, which aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, for job creation, poverty alleviation, among others.”
Ayeni also highlighted the council’s commitment to working with various stakeholders to further stimulate growth in the export sector.
Reflecting on her tenure since assuming office in October 2023, she noted, “When I assumed office in October 2023, I and my management team resolved to reposition the non-oil export sector towards global competitiveness.”
Ayeni also pointed out the rising demand for Nigerian products such as fresh vegetables, citrus peel, and sorghum in global markets. A
dditionally, she identified the services sector, particularly logistics and ICT, as areas with significant untapped export potential.
Ayeni called on financial institutions to support exporters by providing affordable financing to scale up production, especially given the opportunities presented by the African Continental Free Trade Area.
“This support is critical to increasing the basket of exportable products and stimulating value-addition, thereby increasing Nigeria’s foreign exchange earnings,” Ayeni added.
She further stressed the importance of reducing product rejections by ensuring that Nigerian exports meet global quality standards.
“The council is addressing the issues by collaborating with relevant agencies and parastatals to create awareness, build capacity for good agricultural practices, labelling and packaging, and ensure adherence to the quality and standards of exports in the global market,” she said.
Meanwhile, the Central Bank of Nigeria has released its Inflation Expectations Survey for July 2024, revealing that while Nigerian businesses remain concerned about inflation, their outlook is slightly less pessimistic compared to that of households.
The survey, which gathered insights from 1,600 businesses and 1,650 households nationwide, indicated that 83.7% of respondents believed the current inflation level was high, with an overall index of -61.1 points.
The survey showed a slightly more positive outlook among businesses, with an index of -58.7 points, as opposed to the -63.3 points recorded among households.
Large businesses expressed greater concern, with an index of -70.8 points, although they anticipate a lower inflation rate in the near future compared to households.
Both businesses and households expect inflation to rise further in the coming months, driven by factors such as energy prices, exchange rates, and transportation costs.
The report noted, “The overall perception of inflation in July 2024 showed that 83.7 per cent of the respondents believed that the current level of inflation was high with an index of -61.1 points.”
This inflationary concern is prevalent across various income groups. Those earning between N150,001 and N200,000 perceived inflation as particularly high, reflected by an index of -66.4 points, while individuals earning above N200,000 reported a slightly less negative index of -58.3 points.
Energy costs were identified as the primary driver of inflation, with the index rising from 90.6 points in June to 91.8 points in July.
