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Diversification: Nigeria rakes in $2.7bn from non-oil exports in the first half of 2024

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Nonye Ayeni, executive director and chief executive officer of the Nigerian Export Promotion Council (NEPC) says Nigeria recorded total receipts of $2.7bn from non-oil exports in the first half of 2024.

Ayeni made the disclosure in Abuja on Wednesday August 28, 2024 while addressing the media at the council’s presentation of its progress report on the non-oil sector performance for the first half of 2024.

The figure, she noted, represented a 6.26 percent increase compared to the $2.53 billion earned in the same period in 2023.

Nonye Ayeni attributed the growth to “the successful transition of government in May 2023 which brought about stability in the government, increase in demand for Made-in-Nigeria products and initiatives embarked on at the council…to reawaken the consciousness of Nigerians on the need to imbibe an export culture.”

She said the growth in non-oil export receipts underlines the ongoing efforts to grow the non-oil sector and diversify the economy from the mono-cultural dependence on oil in alignment with the Industrial Revitalization Plan of the Honourable Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite and the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu (GCFR).

Speaking on some of the initiatives introduced by the council, Ayeni noted that the council has a new mantra “Operation Double Your Exports” with the core objective of “significantly increasing our non-oil exports to improve our foreign exchange earnings and for economic growth and job creation.”

She also cited other initiatives like “Export 35 Redefined” through which the Council has selected the top 20 agricultural products to focus on right from the farm gate through the entire value chain to market access with NEPC CONNECT, the council’s result-driven customer service team facilitating the interaction between exporters and the Council.

 

Breaking down the product profile and market reach, Ayeni said a total of 211 different products were exported during this period with cocoa beans, urea/fertiliser and sesame seeds as the top 3 products with a contribution of 23.18 percent, 13.78 percent and 11.04 percent of the total non-oil exports for the period. She noted that this is indicative of “a shift from traditional agricultural commodities to more semi-processed and manufactured goods.”

The total volume of exported products stood at 3,834,333.83 metric tonnes thus reaffirming, in her words “the widely held assertion that the non-oil sector holds the key to the revitalization of the country’s economy.”

Nigeria’s non-oil exports were exported to 122 countries spread across Africa, the Americas, Asia, Europe, and Oceania regions. The top 3 destinations were Netherlands, Malaysia, and Brazil based on value with Ghana emerging the only African country in the top 15 global importers from Nigeria.

 

To reach global markets, Nigerian exporters utilized 19 exit points made up of Seaports, International Airports, and Land Borders. 95.08% of the total non-oil exports were routed through seaports with the South-West and South-South accounting for over 95 percent of the total non-oil exports during the period in review.

Highlighting the contribution of Nigerian manufacturing concerns, Ayeni noted in her address that the top 3 companies by contribution are Indorama-Eleme Fertiliser and Chemical Limited which led with $198.8 million in exports; Starlink Global and Ideal Limited with $184.7 million, and Outspan Nigeria Limited with $177.75 million.

She also singled out other notable contributors to include Dangote Fertiliser Limited and Metal Recycling Industries Limited.

Thirty two banks contributed to non-oil export transactions in H1 2024. Zenith Bank Plc dominated in terms of financial support to the non-oil export sector. The bank handled 43.09 per cent of the total Non-Oil Export Proceeds (NXPs). It was followed by First Bank Nigeria Plc and Fidelity Bank which handled 6.56 per cent and 6.38 percent of Non-Oil Export Proceeds (NXPs) respectively.

Concluding her address, Nonye Ayeni called on Nigerian banks to enhance exporters’ capacity and access to international markets by leveraging the opportunities in the non-oil export sector, particularly in light of the African Continental Free Trade Area (AfCFTA).

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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2 days ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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