Export of finished Nigerian goods rises 8% to $8m

Export of finished or manufactured goods – such as leather products, beverages, aluminium products, among others – in the first quarter (Q1) of 2014 witnessed an 8 percent spike to $7.95 million, from $7.36 million reported in the corresponding period of 2013.

This was contained in the data obtained from Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). NACCIMA data are based on values obtained from certificates of origin issued by the association (to its members) for the period January to March, 2014.

The data showed the total worth of four commodities such as finished goods, cocoa, sesame seeds, and cashew nuts as $55.55 million, representing 124 percent rise from $24.79 million recorded in the Q1 2013.

The non-oil sector has the capacity to diversify the Nigerian economy amid falling oil prices, while also increasing the Gross Domestic Product (GDP) and generating jobs.

Cocoa exports in Q1 2014 rose to $30.55 million as against $8.46 million recorded in the corresponding period of 2013. This indicates 261 percent spike.

Similarly, sesame seeds export in Q1 2014, rose to $15.98 million, from $6.42 million reported in the same period of 2013, representing 149 percent increase.

But export of cashew nuts witnessed a decline of 11 percent to $1.06 million in Q1 2014, as against $1.19 million reported in Q1 2013.

“Hence, it is important for the Federal Government to provide more incentives that supports non-oil export, including making available infrastructures required to effectively transform the real sector of the economy,” said NACCIMA, led by Mohammed Badaru Abubakar, in an e-mail to Real Sector Watch.

Data from the Nigerian Export Promotion Council (NEPC) showed the country’s non-oil export value in 2013 as $2.97 billion, out of which cocoa gulped 26 percent share ($758.64m). Some of the destinations of Nigeria’s non-oil exports are the Netherlands, Italy, Turkey, the United States of America and Germany. Others are Ghana, Niger Republic, Cote d’Ivoire, Togo, Benin Republic, Burkina Faso, Guinea, Mali, among others.