Nigeria’s quest for economic diversification has caused such a boost in its non-oil exports to fifteen member-states of the Economic Community of West African States (ECOWAS) that by the end of 2013, it moved from $312.477 million and $276.53 million as recorded in 2012 and 2011 respectively to $375.338 million. The boost shows a 20% increase from the 2012 figure and 36% increase from 2011, according to Nigerian Export Promotion Council (NEPC).
Olusegun Awolowo, head, NEPC said in a statement that Nigeria is currently exporting tobacco products, plastics and rubber footwear, noodles and biscuits, milk products, iron and steel, insecticides, beverages, tomato paste and fruit juices to the top ten African countries. These top ten African countries include Ghana, Niger, Cote d’Ivore, Togo, Benin, Burkina Faso, Guinea, Mali, Liberia and Sierra Leone.
Quarterly non-oil exports data from NEPC, compiled from Colbalt Returns, showed the country recorded a total of $815.6 million in the first quarter of 2013, representing a 27 percent share of the total accruals for the year. In the second quarter of the same year, non-oil exports were worth $700.96 million, representing 24 percent of the total, while the third quarter returns were worth $606.26 million, making up 20 percent of the total. In the final quarter, non-oil exports were $846.92 million, making up 29 percent of the total.
“Cocoa and cocoa products have continued to dominate the top 10 products exported from Nigeria to different parts of the world. In 2013, a total value of $758.64 million worth of cocoa and cocoa preparation was exported, translating to 36 percent of world export,” NEPC said.
Analysts have called for non-oil exports expansion to diversify the economy and create more jobs, given that the country’s rebased Gross Domestic Product (GDP) has reached $510 billion, an exercise that has made it the largest in Africa and 26th in the world.
Remi Bello, President Lagos Chamber of Commerce and Industry said on the issue, “There is still the issue of higher inequality. There is therefore a great deal of work to be done to make the economy stronger.”
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This article was first published on 14th April 2014
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Nigeria’s quest for economic diversification has caused such a boost in its non-oil exports to fifteen member-states of the Economic Community of West African States (ECOWAS) that by the end of 2013, it moved from $312.477 million and $276.53 million as recorded in 2012 and 2011 respectively to $375.338 million. The boost shows a 20% increase from the 2012 figure and 36% increase from 2011, according to Nigerian Export Promotion Council (NEPC).
Olusegun Awolowo, head, NEPC said in a statement that Nigeria is currently exporting tobacco products, plastics and rubber footwear, noodles and biscuits, milk products, iron and steel, insecticides, beverages, tomato paste and fruit juices to the top ten African countries. These top ten African countries include Ghana, Niger, Cote d’Ivore, Togo, Benin, Burkina Faso, Guinea, Mali, Liberia and Sierra Leone.
Quarterly non-oil exports data from NEPC, compiled from Colbalt Returns, showed the country recorded a total of $815.6 million in the first quarter of 2013, representing a 27 percent share of the total accruals for the year. In the second quarter of the same year, non-oil exports were worth $700.96 million, representing 24 percent of the total, while the third quarter returns were worth $606.26 million, making up 20 percent of the total. In the final quarter, non-oil exports were $846.92 million, making up 29 percent of the total.
“Cocoa and cocoa products have continued to dominate the top 10 products exported from Nigeria to different parts of the world. In 2013, a total value of $758.64 million worth of cocoa and cocoa preparation was exported, translating to 36 percent of world export,” NEPC said.
Analysts have called for non-oil exports expansion to diversify the economy and create more jobs, given that the country’s rebased Gross Domestic Product (GDP) has reached $510 billion, an exercise that has made it the largest in Africa and 26th in the world.
Remi Bello, President Lagos Chamber of Commerce and Industry said on the issue, “There is still the issue of higher inequality. There is therefore a great deal of work to be done to make the economy stronger.”
