NewsExpress advert FCMB banner
Nigeria records rise in non-oil export

By Francis Arinze Iloani & Philip Shimnom Clemen on 25/09/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 710

•NEPC Executive Director/CEO, Olusegun Awolowo
•NEPC Executive Director/CEO, Olusegun Awolowo

Nigeria has recorded a significant rise in its non-oil export, with agricultural goods increasing the country’s foreign exchange earnings.

The National Bureau of Statistics (NBS) recently reported that Nigeria recorded an export rise of 73.5 per cent in the second quarter (Q2) of this year compared to the same quarter last year.

Experts have attributed the rise to the diversification efforts of the Federal Government, with particular emphasis on non-oil exports.

Speaking on the development, the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, said he is pleased with the positive trade balance recorded in the second quarter of this year, which is as a result of increase in exports.

Awolowo said cashew nuts alone earned Nigeria N13.5 billion, primarily exported to Vietnam, India and Kazakhstan, while sesame earned N7.02 billion, exported mainly to Japan, India and Turkey.

Frozen shrimps and prawns earned over N2.83 billion, exported mainly to Netherlands, Belgium, and USA while flour and meals of soya bean earned N2.31 billion, exported mainly to Spain, Ghana and Senegal.

Ginger earned N633 million, exported mainly to Vietnam, Morocco and Sudan while manufactured goods such as cigarettes containing tobacco exported to Ivory Coast, Niger and Ghana contributed significantly to the surplus trade balance.

Other manufactured goods that showed good export outing were cement exported to Niger and Chad Republics; cocoa beans and its derivatives to several countries.

He said although oil continues to dominate exports with crude accounting for 42.57 per cent and other oil products 21.86 per cent, the future of the economy is beyond oil as clearly laid out in the ‘Zero Oil Agenda’ which is central in the Nigerian Economic Recovery and Growth Plan (NERGP).

“As observed from the report, there are remarkable increases in volumes and value in other sectors signifying efforts at diversifying the economy through a deliberate plan. Hence, raw materials, agriculture, solid minerals and manufactured goods are witnessing Year-on-Year growth,” he said.

Businesses in the non-oil sector have benefited from the Federal Government’s initiatives and efforts. For instance, Trade Promotion and Facilitation activities of NEPC over the last three years working in partnership with USAID NEXTT and the cashew sector opened up new market for cashew with Vietnam.

Mr Awolowo said the lifting of the suspension of the Export Expansion Grant (EEG) and the re-activation of the Export Development Fund (EDF), will further stimulate the growth of the non-oil export sector, thereby increasing the sector’s contribution to the nation’s GDP.

An economist and current Head, Department of Banking and Finance, Nasarawa State University, Keffi Dr. Uche Uwaleke, told Daily Trust that the solid minerals and agriculture sectors of the economy can contribute in a large proportion in boosting Nigeria’s economy and serving as an alternative to oil products in the country.

He noted that the second quarter of 2017 report on trade goods as released by the NBS recently suggest that crude oil is still heavily relied upon as the major export and source of income to the country.

“The composition of exports, in which crude oil has a disproportionate share, is still indicative of an economy that is dependent on a single product which is oil,” he said.

Uwaleke added that agricultural products like ginger, soya beans, flour and meals have been generating a huge amount of money for the country as such there is a need for these products to be considered in large-scale production through funding and providing loans to farmers that can produce it in large proportion.

The don also revealed that the mineral sector can be developed to serve as an alternative for oil. Exportable minerals like sapphire, granite, marble, lead-zinc, coal, iron-ore among others are sold to some parts of the world but not in large quantities, but it is important to expand the mining sector to full capacity for a more profitable export base, he said.

He added that now that the country is out of recession, the Gross Domestic Product (GDP) has a positive of just 0.55 per cent and is basically driven by the oil sector which makes the economy still unbalanced.

He said inclusive growth is important to achieve a sustained economy which can only be done when key factors like agriculture and solid minerals contribute significantly. (Daily Trust)


Source News Express

Posted 25/09/2017 3:06:32 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Kogi Supplementary poll: Yahaya Bello in early lead...

Kaduna declares state of emergency on revenue generation...

LCCI decries inconsistent policy on agriculture

Allied forces invade Sambisa forest, scores of insurgents...

FG stops initial 10 per cent on N5m...

Aka Ikenga mourns Lar, says he was a...

Moving with the times . . . DANGOTE...

Don’t amend NLNG Act, Management begs Senate •Says...

Buhari’s wife vows to get every girl into...

Bayelsa Govt. bemoans delay in release of second...

IGP moves to modernise Nigeria Police finger print...

Court remands two herdsmen in prison custody


Latest News Victor Moses shoots down hosts Poland as Super Eagles begin 2018 World Cup preparation on victory note FG tackles Bill Gates over Buhari’s economic strategy Jonathan, South South Governors, others storm Yenagoa for Restructuring Rally Cholera, Lassa fever kill 14 in Bauchi Anambra guber: Tribunal fixes April 17 for hearing of case against Obiano Queen Elizabeth to start this year’s London Marathon 7.4m pupils benefitting from school feeding programme — Osinbajo Supreme Court orders retrial of Kenny Martins, others for alleged N7.74bn Police Equipment fraud CBN sustains intervention in foreign exchange market with $339.89m Akeredolu remains Ondo Governor — APC Technological Development: FG ready to partner Techno Land Use Charge: Lagos Peoples’ Assembly throws weight behind Ambode •Brands Ikeja NBA mercenary tools of politicians


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (333,031 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,945 views) Shameless Genevieve Nnaji exposes breasts in public (261,438 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,904 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,391 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,945 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (168,166 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,828 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,501 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,743 views) Lagos plane crash: Journalist releases victims’ names (133,013 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (126,229 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (35) Business & Economy (2,984) Business Verdict (36) Columnists (817) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (456) Features (554) Global Business Monitor (241) International (1,863) Interview (146) Live Commentary (28) Love Matters (114) News (33,862) Opinion (898) Pidgin (10) Politics (4,636) Religion (703) Sports (1,458) Stock Watch (28) AMA & Al Jazeera Global Update



NLNG Science and Literature Prize Awards




Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera