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Nigeria’s exports jumps by 62% in six months, highest since 2018



Nigerian Export Promotion Council (NEPC) has announced that non-oil products exported out of the country rose to N1.77 trillion in the first six months of this year.

This represents a 62.37 percent increase as against the sum of $1.59bn for the first half year in 2021 and 2020 which stood at $981.442 million respectively.

These figures, which are culled from the Pre-shipment Inspection Agents (PIAs) website that was returned to the NEPC, indicate that the January–June 2022 export performance is the highest half year non-oil export performance since 2018.

A month-by-month breakdown of the value of goods exported show that in January, Nigeria exported 668,618.21 metric tons of products worth $431.379m, in February the country exported over 788,000 metric tons of goods worth $377.059m. In March, 820,800.83 metric tons were exported worth $440.958m.

Similarly, in April, 530,781.91 metric tons worth $405.469m were exported while in May, 580,556.80 metric tons were exported at $446.665m and in June 757,039.04 metric tons were exported at $491.751m.

According to the PIAs’ report, manufactured products topped the list of exports with 36.28%, followed closely by raw agriculture products with 33.35% while precious stones had 13.22% and others 17.15%.

Read also: Nigeria’s exports to African markets drops to a three-year low

Furthermore, of the top 15 exported products in the first half year of 2022, urea/fertiliser recorded 32.49% of total export while cocoa beans, sesame seed and aluminium ingots contributed 12.65%, 7% and 5.07% respectively within the same period with over 572 companies participating in exporting Nigerian products in the period under review.

Further analysis on the first half of 2022 on non-oil export report shows that during the period under review, different Nigerian products were exported to 112 countries. Some of these products were exported to the US, Asia, Europe, Oceania regions and Africa.

Of these countries, Brazil, the United States of America (USA), and India were the top three export destinations based on the value of imports.

Worthy of note is that out of the top 10 export destinations of Nigerian products, none is an African country. Only Benin and Niger Republics made it to the top 15.

In the first half of 2022, 16 exit points were used in exporting non-oil goods from Nigeria. These exit points included sea-points, international airports and land borders. Most exit points in the South West and South South, comprising mainly seaports, accounted for over 90% of the total value of exports.

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