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HomeBUSINESSAgricNigeria’s nonoil export rose to US$4.820bn in 2022

Nigeria’s nonoil export rose to US$4.820bn in 2022

Nigeria’s annual non-oil export in 2022 rose to a total number of 7.350 million metric tonnes worth US$4.820 billion.

This was contained in the summary of the 2022 Draft Annual Report of the Nigeria Export Promotion Council, NEPC.

The report noted that the recorded export value of US$4.820 BILLION which is the highest ever recorded for non-oil export in Nigeria since the inception of NEPC, gave a 39.91% increase over a recorded performance of US$ 3.445 billion in 2021.

Accord to the council, the figures were from returns received from the Non-oil Export Pre-shipment Inspection Agents, PIAs.

Speaking on the monthly non-oil export values, NEPC indicated that December, June and May were the three top-most months for export in 2022.

It noted that “their respective contributions are 10.37%, 10.20% and 9.27% while the least month of export is July, with 6.21% contribution to the total non-oil export for 2022. (Check Table 2 below).”

The report further noted that 214 different products were reported to have been exported in the year 2022, ranging from manufactured, semi-processed, sold minerals to raw agricultural commodities.

Top ten products exported include fertilizer, cocoa beans, sesame seeds, cigarettes, cashew nuts, aluminum ingots, gold, copper ingots, lead ingots and cement.

“Non-oil products from Nigeria were exported to 122 countries during the period under review. These products were exported to Africa, Americas, Asia, Europe and Oceania regions. Brazil, China and India are the top 3 imported countries of Nigeria’s non-oil products.

“Brazil was able to achieve the feat because of their high import values of Urea/Fertilizer after seizing the opportunity offered by Russia-Ukraine war. Russia was the world highest exporter of this product before the crisis,” the report said.

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