Nigeria received $2.7 billion in total revenue from non-oil exports in the first half of 2024, according to Nonye Ayeni, Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC).

Ayeni disclosed this information to the media on Wednesday, August 28, 2024, in Abuja at the council’s progress report’s presentation on the performance of the non-oil sector for the first half of 2024.

She pointed out that the amount was 6.26 percent higher than the $2.53 billion made during the same time period in 2023.

The successful transition of government in May 2023, which resulted in increased demand for products made in Nigeria, and council initiatives aimed at reawakening Nigerians’ awareness of the necessity of ingraining an export culture, were cited by THE CEO as the reasons for the growth.

She claims that the increase in non-oil export revenue highlights the continuous efforts to expand the non-oil sector and wean the nation off of its monocultural reliance on oil, in line with the President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Hon. Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite’s Industrial Revitalisation Plan (GCFR).

Speaking about some of the council’s initiatives, Ayeni said that “significantly increasing our non-oil exports to improve our foreign exchange earnings and for economic growth and job creation” is the council’s new motto, which it has adopted. The project is called “Operation Double Your Exports.”

She mentioned additional programs such as “Export 35 Redefined,” wherein the Council has identified the top 20 agricultural products to concentrate on, starting at the farm gate and continuing through the whole value chain to market access. The Council’s result-driven customer service team, NEPC CONNECT, facilitates communication between exporters and the Council.

Ayeni broke down the product profile and market reach, stating that 211 distinct products were exported during this time, with the top 3 products being cocoa beans, urea/fertilizer, and sesame seeds, which accounted for 23.18 percent, 13.78 percent, and 11.04 percent of all non-oil exports during this time. This, she said, is a sign of “a shift from more semi-processed and manufactured goods to traditional agricultural commodities.”

With 3,834,333.83 metric tonnes of goods exported overall, the statement that “the non-oil sector holds the key to the revitalisation of the country’s economy” is generally held was confirmed, as the speaker put it.

Nigeria exported goods other than oil to 122 nations in Africa, the Americas, Asia, Europe, and Oceania. Based on value, the top three destinations were the Netherlands, Malaysia, and Brazil; Ghana was the only African nation to rank in the top 15 global importers from Nigeria.

In her speech, Ayeni emphasised the role played by Nigerian manufacturing companies, pointing out that the top three are Outspan Nigeria Limited ($77.75 million), Starlink Global and Ideal Limited ($184.7 million), and Indorama-Eleme Fertiliser and Chemical Limited ($98.8 million).

She also named Metal Recycling Industries Limited and Dangote Fertiliser Limited as two other noteworthy contributors.

In H1 2024, thirty-two banks made contributions to non-oil export transactions. In terms of financial assistance to the non-oil export industry, Zenith Bank Plc held a dominant position. 43.09 percent of all Non-Oil Export Proceeds (NXPs) were handled by the bank. Following it were Fidelity Bank and First Bank Nigeria Plc, which handled 6.38 percent and 6.56% of Non-Oil Export Proceeds (NXPs), respectively.

Ayeni urged Nigerian banks to take advantage of the potential in the non-oil export industry in order to improve exporters’ capacity and access to foreign markets, especially in light of the African Continental Free Trade Area