NNPC
Non-oil sector records decrease in the last 6 months. According to Ezra Yukusak, Executive Director/CEO of the Nigerian Export Promotion Council, Nigeria’s non-oil industry experienced a modest fall in the value of exports to $2.54 billion, reflecting a 0.09 percent drop in the first half of 2023.
Yukusak made the remarks at a presentation on non-oil exports for the first half of 2023.
He explained that the reported amount was a small decline from the total of $2.593 billion in the same period in 2022.
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.”
The NEPC CEO attributed the modest drop to the transition to a new government and changes in global market circumstances.
“The reason for this slight decrease could be attributed to the 2023 general election held in February 2023 and subsequent transition to a new government, which could have largely affected economic activities,” he said.
“The second reason is changes in global economic conditions, such as a slowdown in global demand or a decline in productive prices, which may have negatively impacted non-oil export performance.”