NEPC: Zenith Bank, First Bank, Fidelity handled 56% non-oil export transactions in H1 2024
By Chinwendu Obienyi with agency reports
The Nigerian Export Promotion Council (NEPC) on Tuesday, disclosed that Nigerian banks played a pivotal role in non-oil export transactions, with Zenith Bank, First Bank, and Fidelity Bank collectively handling 56 per cent of the total Non-Oil Export Proceeds (NXPs) in the first half (H1) of 2024.
Its Chief Executive Officer, Nonye Ayeni, stated this in a media briefing.
Ayeni revealed that Zenith Bank led the pack, managing 43.09 per cent of NXPs, followed by First Bank at 6.56 per cent and Fidelity Bank at 6.38 per cent whilst 29 other banks also participated in the transactions, indicating the critical role that these banks play in facilitating trade and supporting exporters.
She further said that the period also saw Nigeria’s non-oil export sector achieve $2.7 billion in total receipts, marking a 6.26 per cent increase compared to the $2.53 billion recorded in the first half of 2023.
According to her, this growth was driven by heightened global demand for Made-in-Nigeria products and the stability brought about by the successful government transition in May 2023.
Ayeni also called on Nigerian banks to capitalize on opportunities within the African Continental Free Trade Area (AfCFTA) to further enhance exporters’ capabilities and market access.
Breaking down the export profile, the NEPC boss revealed that 211 different products were exported, with cocoa beans, urea/fertilizer, and sesame seeds being the top contributors (23.18 per cent, 13.78 per cent and 11.04 per cent) of total non-oil exports respectively.
She said, “This shift towards semi-processed and manufactured goods is crucial for diversifying the economy beyond traditional agricultural exports”.
During the period, the total volume of exported products reached 3.83 million metric tonnes, reinforcing the assertion that the non-oil sector is key to revitalizing Nigeria’s economy.
Exports reached 122 countries, with the Netherlands, Malaysia, and Brazil being the top destinations.
Ghana was the only African country among the top 15 importers, underscoring the global reach of Nigerian products.
The majority of exports were routed through seaports in the South-West and South-South regions, further highlighting the importance of these areas in Nigeria’s trade activities.
It will be recalled that Nigeria attracted the sum of $4.5 billion from non-oil exports in 2023.
Ayeni had said that since her assumption of office in October 2023, the performance of the non-oil export sector had further indicated massive potential for growth and economic diversification.
Speaking at the presentation of the progress report on the non-oil export performance for 2023, she stressed that an increase in the volume and value of exportable goods and services and the repatriation of export proceeds will enhance foreign exchange inflow into the country as well as assist to stabilise the value of the Naira.
