Monday, September 17, 2012

Nigeria Exports $1.35bn Worth of Non-oil Products

The Nigerian Export Promotion Council (NEPC) has said the country exported non-oil products valued at $1.35 billion for the first half of 2012.

The Executive Director of NEPC, Mr. David Adulugba, who disclosed this in an interview with journalists in Abuja, said the figure represented about 10 per cent decline from the $1.50 billion recorded in the same period in 2011.

Adulugba, who attributed the decline to unrecorded exports, the fuel crisis and workers’ strike in January, however, expressed optimism that the agency would achieve its 40 per cent target for non- oil export products before the end of the year.    

The NEPC boss noted with concern that the high incidence of unrecorded exports had been a major challenge to accurate reporting of the performance of the non-oil sector in the country.  
To address the challenge, Adulugba said the Federal Ministry of Trade and Investment was making moves to establish border markets at some strategic locations.      

He pointed out that the nation’s non-oil exports were dominated by raw commodities and few products with value addition.

The Executive Director said: “There is the need to step up the value chain, diversify from commodities and empower the small and medium scale enterprises through entrepreneurship development.”

The NEPC boss explained further that Nigeria exported non-oil products worth $660.1 million and $686.2 million for the first and second quarters of the year respectively as against $818.8 million and $676.2 million recorded for the same period in 2012.     

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