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Nigeria’s non-oil export income recorded a marginal lower within the worth of exports to $4.5bn in 2023.
This represents a $300m or 6.3 per cent decline from the $4.8bn income accrued to authorities coffers in 2022.
The Govt Director of the Nigerian Export Promotion Council, Nonye Ayeni, revealed the figures whereas addressing the media on the efficiency report of the non-oil export sector for 2023.
Nonye stated the decline was attributed to a number of challenges various from the poor change charge, surge in casual commerce, political instability in neighbouring nations and export rejects amongst others.
She stated, “In 2022, there was a $4.8 billion by way of worth. And in 2023, there was a marginal decline to $4.5bn.
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“Causes for the decline aren’t far-fetched. They embrace export rejects, which we’re already engaged on. We talked in regards to the election and the brand new authorities that got here in.
“Additionally, political points in neighboring nations like Niger Republic. Loads of our merchandise go to the West African nations and we see what’s taking place by way of political points, instability among the many neighboring nations, and customarily financial recession, after which change charge.”
She additional famous a rise within the quantity of commerce and export merchandise, including that 273 totally different merchandise had been exported of which urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal had been high on the listing.
“In 2023, there have been 6.68, million metric tons by way of quantity that was exported.
“After which when you have a look at the variety of merchandise elevated by 273. So holistically, it’s actually not a decline,” she added.
The lowered income adopted years of improved receipts primarily based on the federal government initiative to diversify the financial system from oil exports. Regardless of these efforts, the goal to additional develop the nation’s non-oil exports has suffered a number of financial downturns.
