Sunday, 15 January 2023 05:33

Fertilizer tops as non-oil exports revenue increased 40 percent last year

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Nigerian Export Promotion Council (NEPC) says Nigeria recorded non-oil export earnings of $4.82 billion in 2022. 

Ezra Yakusak, executive director/chief executive officer (CEO), NEPC, said this while presenting the 2022 non-oil export performance to journalists in Abuja on Friday. 

Yakusak said the figure represented a 39.91 percent increase compared to 2021 when non-oil exports totaled $3.45 billion. 

He said the figure is based on data collated from various pre-shipment inspection agents appointed by the federal government under the Pre-shipment Inspection Act, 2004.

Yakusak said it was the best yearly result since the NEPC was established 47 years ago.

He said the latest results lend credence to the fact that various export intervention programmes initiated and implemented by the council and other sister organisations gradually yielded desirable results throughout the year under consideration.

“About 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022,” he said. 

“Of these products exported, urea/fertiliser topped the list with 32.87 percent.

“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/fertiliser 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 percent.” 

Yakusak provided a breakdown of non-oil performance, saying 1,172 exporters participated, with Indorama-Eleme Fertilizer and Chemical Limited leading with 23.25 percent. 

“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,” he said. 

“December recorded the highest export value of 10.37 percent.” 

However, Yakusak noted that no African/Economic Community of West African States (ECOWAS) country was among the top ten importers of Nigerian products.

“We at the NEPC are working assiduously to change that trajectory, particularly in the wake of the Africa Continental Free Trade Area (AfCTA),” he said. 

“The establishment of the Export Trade House Lome, the solo exhibition in Gambia, 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.” 

Yakusak added that non-oil exports of Nigerian products are gradually diversifying from traditional agricultural exports to semi-processed/manufactured goods.

“This is buttressed by the fact that out of the product group exported, agricultural products topped with 30.12 percent,” he said.

“Semi-processed/manufactured products 36.61 percent and precious stones 17.06 per cent and others 13.21 percent.”

 

The Cable