Conflicting figures released by the Nigeria Customs Service (NCS) and the Nigeria Export Promotion Council (NEPC) have raised questions about the accuracy of Nigeria’s reported non-oil export earnings in 2024.
The NCS recently announced that the country earned $1.9 billion from non-oil exports between January and November, attributing the earnings to the export of agricultural products, manufactured goods, solid minerals, and other items. However, this figure starkly contrasts with NEPC’s earlier claim of $2.7 billion earned during the first half of the year (H1) alone, representing a $0.8 billion discrepancy.
NEPC’s Executive Director, Nonye Ayeni, had earlier reported a 6.26% increase in non-oil export proceeds in H1 2024 compared to the same period in 2023, where earnings stood at $2.53 billion. The Customs figures, covering an 11-month period, have cast doubt on the accuracy of these projections, prompting calls for better alignment in reporting between the agencies.
The NCS report, shared through official channels, detailed that 27,595 containers of non-oil products were exported over the 11 months, with a total free-on-board (FOB) value of $1,901,170,385.64. While both agencies highlight growth in non-oil contributions to Nigeria’s export revenues, the conflicting data undermines confidence in the monitoring of the sector’s performance.
This uncertainty comes as exporters face mounting challenges, including the rejection of Nigerian agricultural products due to pesticide compliance issues, high port charges, and delays associated with the Nigeria Export Proceeds (NXP) form. Many exporters are urging the government to sign the Economic Partnership Agreement (EPA) to improve access to European markets and address structural trade barriers.
Despite modest growth in non-oil exports, crude oil remains the dominant driver of Nigeria’s export revenues. According to the National Bureau of Statistics (NBS), crude oil accounted for N13.41 trillion in export earnings for Q3 2024, a 57.06% increase compared to 2023. Non-oil exports continue to play a secondary role, even with the reported N5.81 trillion trade surplus during the same period.
The divergence between the figures provided by NCS and NEPC highlights the need for improved coordination and harmonised reporting frameworks to ensure transparency and credibility in assessing Nigeria’s non-oil export performance. Accurate data will be essential to gauge the effectiveness of ongoing efforts to diversify the country’s revenue base and drive sustainable economic growth.
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