Nigeria’s non-oil export revenue recorded a 6% decrease in value from $4.8 billion in 2022 to $4.5 billion in 2023.
The Executive Director, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, disclosed this while addressing newsmen on the performance report of the non-oil export sector for 2023.
He said the decline was attributed to several challenges varying from declining exchange rate, surge in informal trade, political instability in neighbouring countries and export rejects amongst others.
“Reasons for the decline are not far-fetched. They include export rejects, which we are already working on. We talked about the election and the new government that came in.
“Also, political issues in neighboring countries like Niger Republic. A lot of our products go to the West African countries and we see what’s happening in terms of political issues, instability among the neighboring countries, and generally economic recession, and then exchange rate,” she said.
The NEPC chief said the council recorded an increase in the volume of trade and export products, adding that 273 different products were exported with urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal topping the list.
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