NEPC: Nigeria's non-oil export revenue jumps to $4.8 billion in 2022

By: Damian Okonkwo

Nigeria's non-oil exports have risen to $4.8 billion in 2022, according to the National Export Promotion Council (NEPC). This marks a significant increase from the previous year, as the country continues to diversify its economy away from relying heavily on oil exports.

The NEPC attributed the growth in non-oil exports to the government's efforts to promote local industries and encourage the production of goods for export. The council also cited the improving business environment and the availability of funding for small and medium-sized enterprises as key factors in the increase.

Some of the major non-oil export products that contributed to the increase include agricultural products such as cocoa, rubber, and sesame seeds. Other significant exports include solid minerals, textiles and garments, and processed foods.

The NEPC also revealed that the country's non-oil exports have been growing at a steady pace over the past few years, with a significant increase recorded in 2019 and 2020. The council is optimistic that the trend will continue, as the government continues to implement policies that support the growth of non-oil exports.

The rise in non-oil exports is good news for Nigeria's economy, as it reduces the country's dependence on oil and diversifies its revenue streams. It also creates job opportunities for citizens and helps to improve the standard of living for the people.

Overall, the NEPC's report is an encouraging sign for Nigeria's economy, as it demonstrates the country's ability to grow and diversify its exports. It is also a call to action for the government and private sector to continue to invest in and support non-oil export sectors for sustainable economic growth.