Nigeria’s Non-Oil Exports Experience Significant Growth in First Half of 2024
In a remarkable display of economic resilience, Nigeria’s non-oil exports have surged by 6.26% in the first half of 2024, generating a substantial $2.7 billion. According to Nonye Ayeni, the Executive Director/Chief Executive of the Nigerian Export Promotion Council (NEPC), this increase represents a significant improvement over the $2.5 billion recorded during the same period in 2023.
The report highlights a substantial shift in the types of products being exported, with Nigerian products gradually diversifying from traditional raw agriculture exports to semi-processed and manufactured goods. Ayeni attributes this growth to the successful transition of government in May 2023 and the policy initiatives under President Bola Tinubu’s Renewed Hope Agenda.
The NEPC’s "Operation Double Your Exports" initiative has also played a crucial role in stimulating growth, with Ayeni claiming that the programme has already produced tangible results. She emphasized the importance of collaboration with stakeholders to stimulate export growth, noting that the council is working closely with relevant agencies to ensure adherence to global quality and standards.
In a related development, the Central Bank of Nigeria released its latest Inflation Expectations Survey for July 2024, which revealed that businesses in Nigeria are slightly less pessimistic about current inflationary trends compared to households. However, both businesses and households expect inflation to rise further in the coming months, driven primarily by energy prices, exchange rates, and transportation costs.
Despite the challenges posed by inflation, Ayeni remains optimistic about the future of Nigeria’s non-oil exports, stating that the sector is poised to contribute immensely to the country’s Gross Domestic Product, foreign exchange earnings, and sustainable economic growth.
