Home » Africa: NEPC CEO Attributes Nigeria’s $2.54bn Non-Oil Export Decrease in H1 2023 to Government Transition and Global Factors

Africa: NEPC CEO Attributes Nigeria’s $2.54bn Non-Oil Export Decrease in H1 2023 to Government Transition and Global Factors

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NEPC

Nigeria’s non-oil sector experienced a minor decline in export value during the first half of 2023, according to Ezra Yukusak, the Executive Director/CEO of the Nigerian Export Promotion Council.

The sector’s exports amounted to $2.54 billion, marking a slight decrease of 0.09%.

According to punchng.com, Yukusak made the statement during a presentation on the non-oil export sector for the first half of 2023.

He explained that the recorded figure was a slight decrease as against the sum of $2.593bn in the corresponding period of 2022.

READ; Africa: Export Promotion Council, NEPC says Nigeria exported 214 products in 2022, harps on good packaging to boost more export

He said, “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023. The non-oil export returns from various pre-shipment inspection agents indicated that 3, 94 million metric tons of products worth $2.54bn were exported in the first half of the year from January to June as against the sum of $2.593bn to the corresponding period of 2022. From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review.”

READ: Africa: Nigeria hopeful of Meeting Gambia’s Agricultural Needs With Non-oil Exports – Says NEPC Boss

The NEPC boss blamed the transition to a new government and changes in global market conditions as reasons for the slight dip.

He said, “The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.

“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance.”

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