The Nigerian Export Promotion Council (NEPC) has reported that non-oil exports generated $2.7 billion in the first half of 2024, showing a 6.26 percent increase from the previous year. This was announced by NEPC’s Executive Director/Chief Executive, Nonye Ayeni, during a presentation in Abuja.
Ayeni highlighted that 3.834 million metric tonnes of products were exported, with 211 different products being exported, signaling a shift from traditional raw agriculture exports to manufactured goods. She credited the increase to the successful government transition in May 2023 and President Bola Tinubu’s Renewed Hope Agenda.
The NEPC’s “Operation Double Your Exports” initiative was also praised for its positive impact on the sector. Ayeni expressed optimism that with ongoing export intervention programs and collaborations, the sector will contribute significantly to Nigeria’s GDP and foreign exchange earnings, aligning with President Tinubu’s agenda.
She emphasized the importance of collaboration with stakeholders to drive export growth and highlighted the potential in the services sector, urging financial institutions to support exporters. Ayeni also stressed the need for adherence to global quality standards and reducing product rejects to enhance Nigeria’s competitiveness in the global market.
In other news, the Central Bank of Nigeria’s latest Inflation Expectations Survey for July 2024 revealed that businesses are somewhat less pessimistic about inflation compared to households. Both groups expect inflation to rise in the coming months, driven by energy prices, exchange rates, and transportation costs.
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Overall, the report shows a cautious outlook on inflation, with a majority of respondents perceiving current levels as high. Despite challenges, there is optimism for growth and resilience in Nigeria’s export sector, with a focus on sustainable economic development and job creation.
