Nigeria’s non oil export sector has recorded a revenue increase, hitting $2.7 billion in the first half of this year. This is a 6.26% increase from the $2.53 billion recorded in the same period in 2023.
The Executive Director, Nigerian Export Promotion Council, Nonye Ayeni, disclosed this during a media briefing in Abuja yesterday. He said the rise in the non-oil sector export revenue was driven by an increasing demand for made in Nigeria products.
According to Nonye Ayeni, over 211 different products were exported in the first half of this year as cocoa beans, urea/fertilizer, and sesame seed led the chart, contributing 23.18%, 13.78%, and 11.04% of the total non-oil exports.
Also, the total exports during the period was 3.83 million metric tonnes, reaching multiple countries across the world with Netherlands, Brazil and Malaysia the top three destinations. Ghana was the only African country to feature among the top 15 importers of Nigerian products during the period.
The goods were mainly bought from semi-processing and manufacturing sector, indicating a major shift from the exportation of traditional agricultural products.
Dangote fertiliser, Metal Recycling industry limited, Indorama-Eleme Fertilizer and Chemical Limited were among the biggest exporters during the period contributing between $177.75 million and $198.8 million in non oil export revenue.
This revenue indicates how crucial it is for the Nigerian government to create more opportunities in the non oil sector in its bid to diversify the economy and attract investors.
