Nigeria’s Non-Oil Exports Decline to $4.5 Billion in 2023

The Nigerian Export Promotion Council (NEPC) revealed that the value of non-oil exports in Nigeria had decreased to $4.5 billion in 2023 from $4.8 billion in the previous year. This announcement was made by Nonye Ayeni, the Executive Director of NEPC, during the presentation of the non-oil export performance for 2023 in Abuja on Thursday. Ayeni attributed the decline to various factors, including political instability in exportable countries, the rejection of Nigerian products, and the exchange rate crisis. Despite these challenges, Ayeni assured that NEPC is diligently working to address them. “Export rejection is a significant challenge for exporters, and the Council is proactively collaborating with relevant authorities to raise awareness, enhance capacity in good agricultural practices, labeling, packaging, and ensure adherence to global quality and standards for Nigerian exports,” said Ayeni. Furthermore, Ayeni shared that Nigeria’s non-oil export volume in 2023 amounted to 6.685 million metric tonnes of exportable products. This decline in non-oil exports underscores the need for Nigeria to strategically tackle the external factors affecting its export market while also focusing on maintaining and improving the quality of its products to meet global standards.