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Naira depreciation: NEPC says solution remains improved non-oil exports 

The improved export of Non-oil exports remains the solution to the recent depreciation of the Naira against the dollar. 

This was disclosed by the Executive Director of NEPC, Dr Ezra Yakusak, at a news conference heralding the Council’s second National Conference on Non-Oil Exports. 

He noted that the NEPC plans to talk about it in its conference themed“Building a Sustainable National Economy through Non-Oil Exports”, and is scheduled to hold from the 4th to 5th of October in Abuja. 

Exports 

Yakusak noted that with increased exports from Nigeria, the Naira will gain value at the international market, adding: 

  • “The only way the Naira will stop falling is through increased exports. 
  • “When you export, you add value and your currency gains weight,”. 

Export conference 

He added that the need to increase the country’s export capacity necessitated the NEPC to organise the second National Conference on non-oil exports, citing that the theme of the event reinforces the need to keep the conversation on the revitalisation of the economy on the front burner. 

  • “It is expected to bring stakeholders from the public and private sectors to brainstorm on ways to further improve the country’s export capacity,’’  
  • “Expediency dictates that the vagaries and vulnerabilities around oil which has placed uncertainties on what future it beholds, means that Nigeria must seek other ways of diversifying her economy. 
  • “In this regard, consistent stakeholder engagement, using the conference as a pivot for galvanising policymakers, economic pundits, development partners and more importantly, the exporting community is key to proffering solutions to some of the challenges affecting the sector. 
  • “This is especially in the area of trade facilitation, access to affordable finance and the issue of infrastructural deficit,’’ Yakusak said. 

What you should know 

The National Bureau of Statistics revealed  Nigeria exported agricultural goods worth N280.8 billion in the second quarter of 2023. 

This comes on the heels of the N279.6 billion recorded in the first quarter, bringing the total value of agricultural exports for the first half of the year to an impressive N560.4 billion, the top 5 exports are: 

5. Standard Quality Cocoa Beans: N’ 32,590 Million (2022: N’32, 589 million)
Fifth on the list are standard-quality cocoa beans. They may not match their superior quality counterparts but are still an essential part of Nigeria’s export economy.

4. Cashew Nuts (Shelled): N’ 64,631 Million (2022: N’21,024 million)

Shelled cashew nuts are fourth, signifying a growing in-country processing capacity, which inherently adds more value to the product before its export.

3. Cashew Nuts (In Shell): N’ 83,196 Million (2022: N’ 66, 357 million)
In-shell cashew nuts take the bronze medal, primarily finding markets in countries like India for further processing. They represent an important source of foreign exchange for Nigeria.

2. Sesamum Seeds: N’ 105,982 Million (2022: N139, 845 million)

Close to the top are sesamum seeds, or sesame seeds, which have become increasingly significant in Nigeria’s agricultural export scene. Their versatility and wide range of uses make them nearly as valuable as cocoa.

1. Superior Quality Cocoa Beans: N’ 115,544 Million (2022: N200,066 million)
Finally, at the pinnacle are superior-quality cocoa beans. Their consistently high value in the export market signifies their continued importance to the Nigerian economy and their unparalleled global demand.

 


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