Cocoa, fertiliser top Nigeria’s non-oil export of N5.4bn — NEPC
The Nigerian Export Promotion Council (NEPC) has announced Cocoa beans and fertiliser as the leading non-oil products exported out of the country in the year 2024. Speaking at the presentation of the 2024 Non-Oil Export Performance Report in Abuja over the weekend, Nonye Ayeni, Executive Director/CEO of NEPC, also reported a significant increase in the […]
ayeni
The Nigerian Export Promotion Council (NEPC) has announced Cocoa beans and fertiliser as the leading non-oil products exported out of the country in the year 2024.
Speaking at the presentation of the 2024 Non-Oil Export Performance Report in Abuja over the weekend, Nonye Ayeni, Executive Director/CEO of NEPC, also reported a significant increase in the country’s non-oil export earnings for 2024, reaching a total of $5.456 billion, which represents a 20.77% rise from the $4.517 billion recorded in 2023.
She attributed the growth to increased production, improved global demand for Nigerian exports, supported by strategic trade partnerships.
“Cocoa beans accounted for 30.55% of total non-oil exports, while Urea/Fertilizer contributed 15.74%, underscoring the pivotal role of agriculture and industrial exports in Nigeria’s economic diversification efforts,” she explained.
- Bayelsa residents appeal for potable water to check Cholera outbreak
- Food fortification, a game-changer in global nutrition efforts – Expert
Speaking further, Ayeni noted that “Among exporting companies, Indorama Eleme Fertilizer and Chemical Limited and Starlink Global & Ideal Limited led the pack, with export earnings of $475.3 million (8.71%) and $456.7 million (8.37%), respectively. Their dominance was largely due to large-scale exports of fertilizer and cocoa products.
In another development, the NEPC CEO confirmed that the Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceeds (NXP) forms for the repatriation of export proceeds.
She said the currency was one of the currencies to be received as export proceeds by the bankers.