Industry & Commerce

Non-oil sector records slight decrease in six months

The Executive Director/CEO of the Nigerian Export Promotion Council, Ezra Yukusak, on Monday, said Nigeria’s non-oil sector recorded a slight decrease in the value of exports to $2.54bn representing a 0.09 per cent dip in the first half of 2023.
Yukusak made the statement during a presentation on the non-oil export sector for the first half of 2023.
He explained that the recorded figure was a slight decrease as against the sum of $2.593bn in the corresponding period of 2022.
He said, “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023. The non-oil export returns from various pre-shipment inspection agents indicated that 3, 94 million metric tons of products worth $2.54bn were exported in the first half of the year from January to June as against the sum of $2.593bn to the corresponding period of 2022. From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review.”
The NEPC boss blamed the transition to a new government and changes in global market conditions as reasons for the slight dip.
He said, “The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.
“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance.”

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