Non-oil export revenue hit $2.7bn in Q1 2024 – NEPC

The Nigerian Export Promotion Council (NEPC) has revealed that the country earned $2.7 billion from non-oil exports in the first half of 2024. The Executive Director/CEO of NEPC, Mrs Nonye Ayeni, made the disclosure yesterday in Abuja at a press briefing, adding that cocoa bean was top on the list of exported products. She said, […]

The Nigerian Export Promotion Council (NEPC) has revealed that the country earned $2.7 billion from non-oil exports in the first half of 2024.

The Executive Director/CEO of NEPC, Mrs Nonye Ayeni, made the disclosure yesterday in Abuja at a press briefing, adding that cocoa bean was top on the list of exported products.

She said, “It is noteworthy to state here that non-oil export revenue generated in the first half year of 2024 was 3.834 million metric tonnes, representing the sum of $2.7bn. This shows an increase of 6.26 per cent as against the sum of $2.539bn for the first half of 2023.

“Similarly, a total of 211 products were exported in the first half of 2024, ranging from agricultural commodities to extractive industries.

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“Based on information received from Pre-shipment Inspection Agents (PIAs), of the top 15 products exported in the period in review, cocoa bean was the most exported commodity with 23.18 per cent in percentage value, followed by urea/fertiliser which was 13.78 per cent, and sesame seeds with 11.04 per cent of the total exported non-oil products.”

Speaking further, Mrs Ayeni said that of the top 20 exporting companies in Nigeria, Indorama-Eleme Fertiliser and Chemicals Limited took the lead with $198.8m, while Starlink Global and Ideal Limited recorded the second-highest value of $184.7m for export of agricultural products and Outspan Nigeria Limited with $177.75m for export of cocoa.

She added that a total of 32 banks contributed to the non-oil export transactions for the first half of the year 2024, with Zenith Bank leading with 43.09 per cent, while First Bank Nigeria and Fidelity Bank took the second and third positions respectively.