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BREAKING: Non-oil sector records slight decrease in value of exports in six months

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Ezra Yukusak, the Executive Director/CEO of the Nigerian Export Promotion Council, on Monday, said Nigeria’s non-oil sector recorded a slight decrease in the value of exports to $2.54bn representing a 0.09 percent dip in the first half of 2023.

Yukusak made the statement known in a presentation on the non-oil export sector for the first half of 2023.

He mentioned that the recorded figure was a slight decrease as against the sum of $2.593bn in the corresponding period of 2022.

He said: “I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023. The non-oil export returns from various pre-shipment inspection agents indicated that 3, 94 million metric tons of products worth $2.54bn were exported in the first half of the year from January to June as against the sum of $2.593bn to the corresponding period of 2022. From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review.”

The NEPC boss blamed the transition to a new government and changes in global market conditions as reasons for the slight dip.

He said: “The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.

“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance.”

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