NEPC Says Nigeria’s Non-oil Revenue Fell to $4.5BN in 2023

The Nigerian Export Promotion Council has reported that in 2023, Nigeria’s non-oil revenue decreased to $4.5bn. The decline is said to be 6.3% or  $300m from the previous record in 2022, which was $4.8bn.

Nonye Ayeni, the Executive Director of the Nigerian Export Promotion Council, announced the figures when she was addressing the media on how the non-oil sector performed in 2023.

The decline in revenue is attributed to improved receipts based on the government initiative to diversify the economy from oil exports.

Ayeni said there was an increase in the volume of metric tonnes of non-oil products exported in the country in the business year to 6.7 million, affirming the assertion that the non-oil sector holds the key to the revitalisation of the economy.

She said, 

• In 2022, there was a $4.8bn in terms of value. And in 2023, there was a marginal decline to $4.5bn. But we got an increase in the volume of exports. In 2023, we had 6.68 million metric tons of manufactured, semi-processed, solid minerals used in agricultural commodities.

Giving reasons for the decline in non-oil sector revenue, Nonye blamed the fall of the naira against the dollar, the increase in informal trade, political instability in neighbouring countries and export rejection, amongst others.

• The reasons for the decline are not far-fetched. They include export rejects, which we are already working on. We talked about the election and the new government that came in.

• Also, there are political issues in neighbouring countries like Niger Republic. Many of our products go to the West African countries, and we see what’s happening in terms of political issues, instability among the neighbouring countries, a general economic recession, and then exchange rate.

She also said that the NEPC will cushion the increase in informal trade going through the land borders for effective revenue collection.

• We have gathered that there has been a surge in informal trade, which is one of the things we are trying to address. So, on paper, in terms of volume, there’s a substantial volume increase.

• You are seeing a decline because of the informal trade, and we are working to formalise some of those trades.