#Economy Fed Govt earns $3b from non-oil exports Nigeria’s non-oil exports grew by 15.9 per cent to $3 billion in 2013, a data by the Nigerian Export Promotion Council (NEPC) has shown. But non-oil exports from the country to other membercountries of the Economic Community of West African States (ECOWAS) stood at $375 million during the period, showing an increase of 20 per cent year-on-year. The FBN Capital Research, which gave the figures in a report released at the weekend, said inflows from the segment of the economy were encouraging. It said cocoa emerged as the leading non-oil export commodity, earning $759 million. Nigeria is ranked the world’s fourth largest exporter of cocoa and its by-products. The Nigerian Export Promotion Council Amendment Decree No. 64 of 1992 was promulgated to enhance the performance of the council by minimising bureaucratic bottlenecks and increasing autonomy in dealing with members of the organised private sector (OPS). The council has a governing board drawn from the public and the private sectors. The investment and research firm listed Nigeria, Angola and South Africa as the three leading exporters to the United States in 2013 within the provisions of the African Growth and Opportunity Act (AGOA). For Nigeria to effectively tap into the segment, the firm said export commodities should meet high standards to compete in the global market.
Posted on: Mon, 01 Sep 2014 09:28:46 +0000
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