BREAKING: NIGERIA’S NON-OIL SECTOR RECORDS SLIGHT DECREASE IN THE VALUE OF EXPORTS
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Ezra Yukusak, the Executive Director/CEO of the Nigerian Export Promotion Council, stated on Monday that the non-oil export value of Nigeria decreased slightly to $2.54 billion, or 0.09 percent, in the first half of 2023.
During a presentation on the non-oil export industry for the first half of 2023, Yukusak made the comment.
He explained that compared to the total of $2.593 billion in 2022, the reported figure was slightly lower.
He said, “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023. The non-oil export returns from various pre-shipment inspection agents indicated that 3, 94 million metric tons of products worth $2.54bn were exported in the first half of the year from January to June as against the sum of $2.593bn to the corresponding period of 2022. From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review.”
The NEPC boss blamed the transition to a new government and changes in global market conditions as reasons for the slight dip.
He said, “The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.
“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance.”
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