The Government Director of the Nigeria Export Promotion Council (NEPC), Nonye Ayeni, has credited the $5.456 billion contribution to financial diversification final yr, a big enhance of 20.77 per cent in comparison with $4.517 billion recorded in 2023, for the expansion of the non-oil sector.
Talking not too long ago on the Non-Oil Export Efficiency for 2024, Ayeni stated the trouble and dedication in attaining the purpose had been by means of efficient collaboration with different related sectors, particularly agriculture, stable minerals and manufacturing.
In line with her, there was a rise within the quantity of agricultural commodities as non-oil export returns. “About 7.29 million metric tonnes of merchandise had been exported within the interval below evaluate. The end result for 2024 would have been rather more contemplating that the amount of Casual Cross Border Commerce (ICBT) represents an affordable proportion of our exports which matches unreported,” she stated.
Ayeni stated {that a} complete of 246 distinct merchandise had been exported final yr, spanning manufactured, semi-processed items, industrial extracts and agricultural commodities whereas 32 banks participated within the processing of Nigeria Export Proceed (NXP) Kinds for export.
“With a complete variety of 21,655 NXP kinds processed, Zenith Financial institution led, contributing 39.03 per cent to the full variety of NXPs for non-oil export,” she stated.She inspired different banks to assist exporters, including that this would offer reasonably priced finance to assist enhance export. “It might additionally stimulate value-addition, thereby rising FX earnings. Worth addition to our export merchandise is essential as they appeal to correct pricing within the international market,” she stated.She stated exporters can scale up manufacturing if they’ve entry to reasonably priced finance.
