CEM REPORT, TRADE | While huge decline in crude oil export earnings led to the lowest level of international trade since the third quarter of 2022, declining by 9.7 percent. The state of foreign exchange into the country remains uncertain.
Perhaps a glimpse of recovery lies in the non-oil sector exports which grew by 39.91% in 2022 to $4.820 billion.
Figures gotten from various Pre-shipment inspection agents appointed by the Federal Government under the Pre-shipment Inspection Act, of 2004 reveal that Semi-processed/manufactured products made up 36.61% of the exports beating Agriculture’s 30.12% volume of non-oil exports.
Speaking during the presentation of the non-oil export performance for the year 2022 in Abuja over the weekend, the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak noted that Nigeria’s Non-oil exports record for 2022 reached its highest since the establishment of NEPC 47 years ago.
“About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022.
“Of these products exported, Urea/Fertiliser topped the list with 32.87 per cent.
“The emergence of Urea/Fertiliser as the highest exported product in 2022 can be attributed to the Russia-Ukraine war which created an avenue for Nigeria’s Urea/Fertilizer to thrive.
“It is worthy to note that our products were exported to 122 countries with Brazil recording the highest import value of 12.27 per cent.”
Yakusak noted that Chemical companies based in Nigeria were affiliated with a bulk of the exporters, citing exporters linked with the Indorama-Eleme Fertilizer and Chemical Limited.
“1,172 exporters participated with Indorama-Eleme Fertilizer and Chemical Limited taking the lead with 23.25 percent.”
Similarly, he said, thirty-one issuing banks participated with Zenith Bank PLC processing the highest NXP values, 19 exit points were used with Apapa Port recording the highest tonnage noting that the month of December recorded the highest export value of 10.37 percent.
Explaining the position of agriculture on the list he said that non-oil export of Nigerian products was gradually diversifying from its traditional agriculture exports to semi-processed/manufactured products.
He added that out of the product group exported, agricultural products topped with 30.12 percent, Semi processed/manufactured products at 36.61 per cent and precious stones at 17.06 per cent and others at 13.21 percent.
Furthermore, he also noted that no African nation made it to the top ten list of Nigerian product importers, citing that the BEPC is working to reverse that through the Africa Continental Free Trade Area (AfCTA).
“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA).
“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, and participation at the Lome International Trade Fair are deliberate initiatives aimed at boosting non-oil export within the ECOWAS sub-region.
“Put differently, there is the need to increase intra-African trade given the huge opportunities and benefits therein”.