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Business News of Sunday, 15 January 2023


Non-oil sector generated $4.82 in 2022 – NEPC

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Companies in the non-oil export sector generated earnings worth $4.82bn in 2022, according to the Nigerian Export Promotion Council.

This came as 214 products ranging from manufactured, semi-processed, solid minerals, to raw agricultural products were exported to 122 countries with Brazil recording the highest import value of 12.27 per cent.

Speaking at a press briefing scheduled to intimate the public on the progress report of the non-oil export, the Chief Executive Officer, NEPC, Ezra Yakusak, said the revenue generated was the highest value achieved since the agency’s establishment 47 years ago.

He noted that the month of December recorded the highest export value increase of 10.37 per cent.

He said, “It is encouraging to note that despite the harsh economic environment precipitated by the effect of COVID-19 and the global economic recession, the sector recorded a significant and highly impressive result with a non-oil export earnings of US$ 4.820 billion recorded for the year under review.

“This represents an increase of 39.91% over 2021.This result is the highest value ever achieved since the establishment of the Nigerian Export Promotion Council 47 years ago.

“This is indeed a patriotic call on all Nigerians to realise the urgency of imbibing the export culture as the non-oil export sector remains the only viable alternative for economic growth, poverty alleviation, industrial development and boosting our foreign exchange earnings.”