Nigeria’s Non-Oil Export Revenue Dips to $4.5 Billion in 2023

The Nigerian Export Promotion Council (NEPC) has the nation’s non-oil export revenue moderated to $4.5 billion in 2023.

According to the council, the value of non-oil exports dipped by $300 million or 6.3 per cent from $4.8 billion accrued to the government in 2022.

Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council, revealed the figures while addressing the media on the performance report for 2023.

Nigeria exported 6.7 million metric tonnes of non-oil products in the business year to further affirm the assertion that the non-oil sector holds the key to the revitalisation of the economy.

She said, “In 2022, there was a $4.8bn in terms of value. And in 2023, there was a marginal decline to $4.5bn. But we got an increase in the volume of export. In 2023, we had 6.68, million metric tons of manufactured, semi-processed, solid minerals to agricultural commodities.”

Nonye, however, attributed the decline in revenue to the weak foreign exchange rate, surge in informal trade, political instability in neighbouring countries and export rejection 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 neighbouring 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 neighbouring countries, and generally economic recession, and then exchange rate.”

The NEPC boss also promised to minimise the surge of informal trade going through the land borders for effective revenue collection.

“We have gathered that there has been a surge in informal trade which is one of the things we are trying to address. So on paper, in terms of the volume, there’s a substantial volume increase.

“Why you are seeing a decline is because of the informal trade and we are working to formalise some of those trades.”