The Nigerian Export Promotion Council (NEPC) has announced a substantial boost to Nigeria’s economy, with the country amassing $2.5 billion in non-oil export revenue during the first half of the year, from January to June. This revelation came to light during a focused one-day workshop for emerging exporters held in Owerri.
Executive director of NEPC, Dr. Ezra Yakusak, shared the impressive figure, highlighting the remarkable progress made in diversifying the country’s revenue sources.
Represented by Mr. Anthony Ajuruchi, the NEPC’s State Coordinator in Imo, Dr. Yakusak underscored the potential to surpass the 2022 non-oil export revenue of $4.8 billion by the close of 2023, given the robust performance in the initial months.
The workshop centered around the theme: “New Exporters; Panacea for Non-Oil Exports Growth,” a clear indication of the pivotal role new players are expected to play in propelling the non-oil exports sector forward.
Dr. Yakusak emphasized the importance of knowledge transfer and experience-sharing between established exporters and newcomers. He outlined that such collaboration not only increases the number of contributors to non-oil exports but also stands to bolster the state’s revenue and contribute positively to Nigeria’s Gross Domestic Product (GDP).
Speaking from her success story, Mrs. Lilian Moses-Okoro, CEO of Ivyl Foods, recounted her achievements in exporting products to prominent destinations such as Canada, the USA, and the UK. Moses-Okoro offered valuable advice to fledgling exporters, urging them to stay committed to their endeavors and to officially register their enterprises with NEPC. She underscored that registration not only enhances a brand’s credibility but also grants access to future business intervention opportunities.
Adeola Ilechukwu, representing Cannif Trust Ltd., shed light on a pertinent challenge in the export industry, particularly with catfish exports. Ilechukwu noted a decline in annual exports, calling for innovative solutions to reinvigorate this vital sector. She stressed that the trajectory of Nigeria’s economy is intricately linked to the success and growth of non-oil exports.
This remarkable achievement showcases Nigeria’s progress in reducing reliance on oil exports and highlights the concerted efforts to stimulate growth in non-oil sectors. The NEPC’s initiative in fostering mentorship and knowledge sharing among exporters promises to further strengthen the nation’s economic foundation. As success stories reverberate, they serve as a testament to the significant role non-oil exports play in steering Nigeria toward sustainable economic prosperity.
