See How Much Nigeria Earned From Non-oil Commodities In 2014

See How Much Nigeria Earned From Non-oil Commodities In 2014

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.

See How Much Nigeria Earned From Non-oil Commodities In 2014

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.

See How Much Nigeria Earned From Non-oil Commodities In 2014

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.”

Source: Legit.ng

Authors:
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Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: khadeeejathabit@gmail.com

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