The Nigerian Export Promotion Council (NEPC) has announced a significant 6.26% increase in non-oil exports, reaching $2.7 billion in the first half of 2024. This achievement is attributed to the diversification into semi-processed products and the successful transition of government in May 2023.
Key Highlights:
- $2.7 billion generated from non-oil exports in H1 2024, a 6.26% increase from H1 2023
- Total volume of exports stood at 3.834 million metric tonnes
- 211 products exported, ranging from agricultural commodities to extractive industries
- Semi-processed/manufactured products driving growth
NEPC’s Strategic Achievements:
- “Operation Double Your Exports” mantra yielding positive results
- Partnerships, advocacy, capacity building, and export intervention programs contributing to growth
- Commitment to working with stakeholders to stimulate export growth
Inflation Expectations Survey (IES) Insights:
- Businesses slightly less pessimistic about inflationary trends than households
- Energy costs, exchange rates, and transportation expenses driving inflation expectations
