The Nigerian Export Promotion Council (NEPC) has announced that Nigeria’s non-oil export sector generated an impressive $2.7 billion in revenue during the first half (H1) of 2024. This development marks a significant milestone in the country’s ongoing efforts to diversify its economy away from its historical dependence on oil.
Nonye Ayeni, the Executive Director of NEPC, disclosed this in Abuja while presenting a progress report on Nigeria’s non-oil export performance. According to Ayeni, the $2.7 billion revenue represents a notable 6.26 percent increase compared to the $2.53 billion earned during the same period in 2023.
Ayeni emphasized that this rise in export revenue is a clear indication of the effectiveness of the government’s policies aimed at broadening Nigeria’s economic base. “In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base,” Ayeni stated. “The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives.”
One of the key highlights of this achievement is the diversification of products being exported. Ayeni revealed that a total of 211 different products were exported during this period, reflecting a significant shift from traditional agricultural commodities to more semi-processed and manufactured goods. This diversification is not only enhancing the value of Nigeria’s exports but is also opening up new markets for the country’s products.
Ayeni further explained that the NEPC has been actively working to enhance Nigeria’s global trade relations by exploring new markets and promoting value-added products. “Our focus has shifted from merely exporting raw materials to encouraging the export of processed and semi-processed goods. This strategy is crucial for boosting the revenue generated from exports and for creating jobs within the country,” she added.
