Non-Oil Export Earnings Fall 24% to $4.46bn in 2024 — CBN Data

Nigeria’s non-oil export earnings have fallen by 24% to $4.46bn (about N1.8 trillion) in 2024 from $5.87bn (about N2.3 trillion) in 2023, according to data released by the Central Bank of Nigeria (CBN).

This decline has been attributed to a number of factors, including the ongoing global economic crisis and the recent devaluation of the Nigerian Naira.

The drop in non-oil export earnings has come as a shock to many, as the Nigerian government had been making concerted efforts to diversify the country’s economy and reduce its dependence on oil exports.

In recent years, the government had introduced a number of initiatives aimed at boosting non-oil exports, including the Export Expansion Grant (EEG), the Export Development Fund (EDF), and the Export Credit Certificate (ECC).

Despite these efforts, however, non-oil exports have continued to decline, and experts are now warning that the situation could worsen if urgent measures are not taken to address the underlying causes.

Some of the factors that have been identified as contributing to the decline include the global economic crisis, which has led to a sharp drop in demand for Nigerian products in key markets, and the recent devaluation of the Naira, which has made Nigerian exports less competitive in the global market.

In response to the decline in non-oil export earnings, the Nigerian government has announced a number of measures aimed at boosting exports and diversifying the economy.

These measures include the establishment of a new Export Promotion Council, the introduction of a new Export Credit Guarantee Scheme, and the launch of a new Export Development Fund.

The government has also called on the private sector to play a more active role in promoting non-oil exports, and has urged businesses to take advantage of the various incentives and support programs that are available.

Despite these efforts, however, it remains to be seen whether the decline in non-oil export earnings can be reversed.

The global economic crisis is showing no signs of abating, and the devaluation of the Naira is likely to continue to put pressure on Nigerian exports.

It is therefore crucial that the government and the private sector work together to find a solution to this problem, and to ensure that Nigeria’s non-oil exports can once again become a major source of revenue for the country.