The Nigerian non-oil export sector recorded a marginal decrease in export value, amounting to $2.54 billion, representing a 0.09% dip in the first half of 2023, according to Ezra Yukusak, the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC). This figure marked a slight decline compared to the $2.593 billion recorded during the same period in 2022.
Yukusak attributed the minor decline in non-oil exports to factors such as the transition to a new government after the February 2023 general elections, which may have affected economic activities. Additionally, changes in global economic conditions, such as reduced demand or declining commodity prices, likely had a negative impact on the performance of non-oil exports.
Opinion:
The slight dip in Nigeria’s non-oil exports during the first half of 2023 highlights the need for continued efforts to diversify the country’s economy and promote a robust export sector. While factors like political transitions and global market conditions can affect trade performance, it also presents an opportunity for the government to strengthen its export strategies and policies. Enhancing export competitiveness, exploring new markets, and supporting industries with export potential can be vital steps to bolstering non-oil exports and fostering economic growth in Nigeria.