Nigeria’s Non-oil Exports Decline By 39%
Nigeria’s non-oil exports have fallen by 39 per cent from N6.914tn to N4.194tn in10 years, according to an analysis of the National Bureau of Statistics’ Foreign Trade Statistics.
Specifically, figures show that the N4.194tn non-oil exports recorded in 2021 is 39.34 per cent lower than the N6.914tn non-oil exports recorded in 2012.
In 2012, Nigeria’s total exports amounted to N22.446tn. Out of this number, N15.531tn was crude oil export while N6.914tn was non-oil exports. The non-oil exports comprised 30.8 per cent of the total exports that year.
However, in 2021 the nation’s total exports were estimated at N19.057tn, with the non-oil segment occupying N4.194tn. The non-oil exports comprised 22.07 per cent of the total exports last year.
Economic Confidential analysis of the National Bureau of Statistics’ Foreign Trade Statistics between 2012 and 2021 on Friday showed the levels of growth of the non-oil exports and the shares of its contribution to the nation’s total exports over the period. The data revealed that the non-oil exports’ share of total exports was highest at 30.8 per cent in 2012 and lowest at 11.86 per cent in 2015. Manufacturers have said the decline in the non-oil sector is an indication that critical issues in the industry are yet to be resolved.
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Non-oil exports are defined as the export of products and commodities that are neither crude oil nor minerals. They involve the export of agricultural commodities such as cocoa and cashew nuts; the export of finished products such as aluminium and plastics; and the export of capital goods such as machines and their parts.
The share of oil or non-oil export to total exports indicates how much Nigeria depends on crude oil or non-oil products for its foreign exchange earnings.