NEPC Generates $5.46bn Non-oil Revenue in 2024
The Nigeria Export Promotion Council (NEPC) says the council contributed to economic diversification with an impressive non-oil performance of 5.456 billion dollars in 2024. The Executive Director of the NEPC, Mrs Nonye Ayeni, said this while addresing newsmen on the non-oil export performance for the year 2024 in Abuja on Friday.
Ayeni said the effort and commitment in achieving the goal was through effective collaboration with other relevant agencies. “It is worth noting that this reflects a significant increase of 20.77 per cent (938.442 million) compared to the recorded figure of 4.517 billion dollars for the preceding year of 2023.
“This achievement can be attributed to the active diversification of the economy through the non-oil sector with emphasis on promoting agriculture, solid minerals and manufacturing.
“Also, increased production in energy, agricultural and solid mineral sectors”. She said that the Renewed Hope Agenda of the President, Bola Tinubu, focused on diversifying the economic base of the country. According her, it is also interesting to note that there was an increase in the volume of agricultural commodities as non-oil export returns.
“It showed that 7.291 million metric tonnes of exportable products were exported in the period under review.
“More importantly, the result for 2024 would have been much more considering that the volume of Informal Cross Border Trade (ICBT) represents a reasonable percentage of our exports,” she said. Ayeni said that a total of 246 distinct products were exported in the year under review.
She said that the exports spanned manufactured, semi-processed goods, industrial extracts, and agricultural commodities. She said that a total of 32 banks participated in the processing of Nigeria Export Proceed (NXP) Forms for export in the year under review.
“Wth a total number of 21,655 NXP forms processed.
“Zenith Bank Plc maintained its leading position, contributing 39.03 per cent to the total number of NXPs for non-oil export,” she said.
She encouraged other banks to support performing exporters, adding that the effort would provide affordable finance to help increase exportable products.
“It will also stimulate value addition, thereby increasing our foreign exchange earnings.
“Value addition to our exportable products is very important as they attract premium pricing in the global market,” she said.
She said that exporting companies could scale up their production if they have access to affordable finance. According to her, during the year in review, 20 exit points were utilised to export non-oil products from Nigeria. “These exit points encompass seven seaports, three International Airports, and 10 land borders.
“Approximately 95 percent of the total non-oil exports are routed through seaports.
“Of this figure, the South-West and South-South accounted for over 90 percent of the total non-oil exports,” he said. #NEPC Generates $5.46bn Non-oil Revenue in 2024 Ministry Seeks $2 billion Fibre Optics Funding
