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Nigeria recorded $2.52 billion in non-oil export proceeds for the primary half of 2023, after exporting 3,944,344.17 metric tonnes of merchandise, the Nigerian Export Promotion Council (NEPC) has stated.
The NEPC additionally revealed that the proceeds recorded was barely decrease by 0.09 % than the $2.59 billion recorded within the corresponding interval of 2022.
Ezra Yakusak, ED/CEO, NEPC, stated this whereas giving a efficiency report on exports between January and June 2023 in Abuja on Monday.
“The explanations for this slight lower may very well be attributed to the final election that was held in February/March 2023 and subsequent transition in Authorities which could have possible affected financial actions,” he stated.
Yakusak added that modifications in international financial circumstances, similar to slowdown in international demand or decline in commodity costs might have additionally negatively impacted non-oil export efficiency.
Regardless of this dip, Yakusak nonetheless expressed optimism that the NEPC will hit its $5 billion goal this yr.
He revealed that 859 firms participated in export actions to 110 nations, unfold amongst 5 continents of the world. The highest 5 nations had been Vietnam, China, Japan, Brazil and India.
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He stated that the NEPC, below its Export Growth Programme for precedence merchandise have concluded plans for the institution of a Cashew Processing Plant in Ogbomosho, Oyo State on a Public Personal Partnership association.
“That is predicated on the truth that Ogbomosho cashew is globally acknowledged as a model for good high quality and thereby extremely wanted within the worldwide market. We’ve got since commenced processes in direction of establishing the processing plant,” he stated.
Talking on the influence of the subsidy removing and FX unification insurance policies, he famous that this was not envisaged therefore the council must restrategize and make plans to swimsuit the brand new circumstances.
He added that regardless different incentives are nonetheless obtainable to help the actions of exporters.
Talking to BusinessDay on export rejections, he famous that the council has at numerous occasions educated exporters particularly SMEs and ladies owned companies on methods to enhance their exports similar to higher packaging, higher high quality, and so on to scale back export rejections.
“Below the ‘Go International, Go for Certification’ marketing campaign, the NEPC is presently facilitating SMEs acquisition of worldwide certification for 200 extra MSMEs to be able to entry area of interest market with premium pricing, this program has assisted in lowering circumstances of Export rejects,” he stated.
Highlighting achievements of the council between January and June, he stated 1, 649 exporters had been registered and issued Exporters certificates, additionally the Federal Authorities accepted and accomplished the disbursement of N308, 458, 160, 546.41 value of Promissory Notes to 199 exporting firms below the Export Growth Grant (EEG) Scheme.
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