Nigeria’s Non-oil Exports Fall By 39% In 10 Years – NBS

The National Bureau of Statistics (NBS) has said the country’s non-oil exports have fallen by 39 percent from N6.914tn to N4.194tn in10 years.

According to statistics released by the bureau’s Foreign Trade Statistics,  the N4.194tn non-oil exports recorded in 2021 are 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 export. 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.

According to The Punch, an analysis of the NBS’ 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.

In 2012, total exports amounted to N22.446tn. Out of this number, N15.531 tn was crude oil while N6.914tn was non-oil export. The non-oil export comprised 30.8per cent of the total exports that year.

In the following year, 2013, total exports were estimated at N14.245tn, with oil occupying N11.808 trillion and non-oil, N2.437tn. Non-oil exports shared only 17.11 per cent of the total exports within the year.

In 2014, total exports were estimated at N17.203tn; crude oil export comprised N12.791tn, while non-oil exports were estimated at N4.412tn. The share of the non-oil exports to the total exports within the year rose to25.7 per cent but was still less than the 2012’s figure.

In 2015, total exports dropped to N9.728tn, with crude comprising N8.574tn and non-oil sharing the rest N1.154tn. The non-oil export share that year constituted 11.9 per cent.

In 2016, total exports amounted to N8.527 trillion, with non-oil comprising N1.530 trillion, representing 17.95 per cent. Crude oil shared the rest.

In 2017, total exports were estimated at N13.591tn, but non-oil exports totalled N1.620tn, representing 11.92 per cent. The rest was occupied by crude oil.

In 2018, total exports were estimated at N19.033tn; non-oil exports business done that year amounted to N2.786tn, representing a share of 14.64 per cent.

Also in 2019, total exports reached N19.190tn, with the non-oil export segment comprising N4.052tn, representing 21.12 per cent share of total exports for the year.

In 2020, which was characterised by COVID-19 lockdowns and other international restrictions, total exports slowed to N12.429tn, with the non-oil exports standing at N1.328tn, representing a 10.69 per cent share.

In 2021, the fortunes of the non-oil export sector brightened. Total exports were estimated at N19.057tn, with the non-oil segment occupying N4.194tn, representing 22.07 per cent.

Nigeria’s non-oil export is insignificant when compared with peers. Nigeria’s non-oil export earnings are insignificant when compared with other emerging economies. In dollar terms, the total value of Nigeria’s non-oil exports in 2021 was $10.083bn. This was realised from more than 20 items exported to various countries in 2021.