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See How Much Nigeria Earned From Non-oil Commodities In 2014
3 years ago 23 views by Wasswa D Obi
According to the Nigerian Export Promotion Council (NEPC) data, Nigeria earned a total sum of $2.4bn from the exportation of cocoa, rubber, and other non-oil commodities within the 2014 fiscal period.
The NEPC estimates show that cocoa exports with a total amount of $666.45m accounted for the highest non-oil export earnings, followed by raw hides, skins and leather with $487.97m.
Oil seeds, grains and plant/straw - $389.78m; aluminium, $113.35m; tobacco, $109.05m; tins, $96.32m; edible fruits and nuts, $75.24m; rubbers, $70.03m and footwear, $62.89m. Others are copper, $59.6m; fish and crustaceans, $55.68m; plastics, $54.63m; lead, $46.65m; nickel, $27.35m; cottons, yarns and woven, $21.87m.
According to the NEPC, Netherlands, with a total amount of $456.96m, accounted for Nigeria's highest non-oil export revenue. Others are ECOWAS, $350.8m; Italy, $344.21m; Japan, $211.25m; India, $209.4m; Turkey, $116.8m; Spain, $102.2m; Germany, $100.97m; China, $86.3m; Vietnam, $85.4m and the United States, $81.6m.
Nigeria's total exports to South Korea stood at $74.2m in 2014; Hong Kong, $62.3m; Malaysia, $41.7m while Belgium, the United Kingdom and Canada stood at $39.6m, $39.5m and $29.7m, respectively.
The NEPC Chief Executive Officer Olusegun Awolowo stated that the agency had been at the forefront of the diversification of the Nigerian economy.
He also said that this had been further reinforced by the recent decline in the price of crude oil in the global market.
Awolowo disclosed that NEPC had identified 13 National Strategic Export Products to replace oil ( palm oil, cocoa, cashew, sugar, rice, iron ore, metals, aluminium, auto parts.
petroleum products, fertilizer/urea, petrochemicals and methanol)
He said: "The expectations we have is to explore the possibility of investing in priority areas that we have highlighted. We need to attract counterpart investments into priority areas by investors such as the agricultural sector. We need to fastback trade event information and we want to support capacity development for exporters."