Nigeria’s non-oil exports generated $2.7 billion in the first half of 2024, reflecting a 6.26% increase from the $2.5 billion recorded during the same period in 2023.
This was disclosed by the Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, during a presentation in Abuja.
Ayeni attributed the growth to government policies, particularly under President Bola Tinubu’s Renewed Hope Agenda, and NEPC’s “Operation Double Your Exports” initiative.
Ayeni highlighted that 211 different products were exported, including agricultural commodities and manufactured goods, signaling a shift from raw agriculture exports to semi-processed and manufactured items.
She emphasized the council’s commitment to enhancing global competitiveness in the non-oil sector and urged financial institutions to support exporters, particularly in light of opportunities presented by the African Continental Free Trade Area.
Meanwhile, a recent Inflation Expectations Survey by the Central Bank of Nigeria indicated that businesses and households expect inflation to rise, driven by energy prices and transportation costs.
The survey showed that 83.7% of respondents believe the current inflation level is high, with large businesses expressing significant concern about the inflationary trends.