Economy
Nigeria’s Non-Oil Sector Jumps 64.2% to $2.59bn in Six Months
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has disclosed that the non-oil sector contributed over $2 billion to the economy in the first six months of the year 2022.
This was disclosed by the Managing Director and Chief Executive Officer (CEO) of the commission, Mr Ezra Yakusak. He noted that the various non-oil products exported within the period stood at $2.593 billion against the $1.597 billion recorded in the first six months of the year 2021, representing a 64.2 per cent increase.
The NEPC Chief was represented by the Trade Promotion Adviser, Kebbi State office, Mr Muhammad Siraju Dan-Alkali, during a workshop for members of the National Onion Producers, Processors and Marketers of Nigeria (NOPPMAN) in Sokoto State.
He said the 2021 figure was also an increase to the first six months of 2020, which was $981.442 million.
According to him, the impressive non-oil export performance can be attributed to NEPC’s new focus on strategic non-oil export programmes and initiatives such as grassroots export development.
While describing Nigeria’s economy as one that has been oil-dependent for several decades, he said the uncertainties in the crude oil market had caused serious contractions in government revenue from oil with great consequences.
The NEPC also donated 30,000 customised sacks to NOPPMAN in Sokoto State.
Delivering the customised sacks on behalf of the council, the Trade Promotion Adviser, Sokoto Zonal office, Mr Ahmed Yahaya, said the gesture was aimed at encouraging the association on how to package their onions for exportation.
He said with the items, Nigerian onions will be easily identified and distinguished from other countries’ products in the global market.
Mr Yahaya further said since the opening of the Sokoto office, the interest of onion producers and marketers has always been a priority.
While calling on the group to work with NEPC to take the country to the rightful position in the onion global market, Mr Yahaya reiterated that Nigerian onions are still the best in the country. He called on marketers to use a special package for easy identification of their products in the global market.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
