FG’s initiatives on non-oil exports failing


*Contribution to gross earnings drops to 10%
*NACCIMA, CPPE, others list priorities for incoming govt

By Babajide Komolafe & Yinka Kolawole

In spite of concerted efforts to diversify the nation’s export earnings, the contribution of the non-oil sector, NOE, to the total export earnings dropped to 10.1 per cent in 2022 from 12.8 per cent in 2021.

The decline also comes at the backdrop of the 8.6 per cent year-on-year, YoY, growth in NOE earnings to $5.94 billion dollars during the eleven months ending November 2022 from $5.47 billion in the corresponding period of 2021.

Finance and real sector stakeholders who spoke to Financial Vanguard, including the National Association of Chamber of Commerce and Industry, NACCIMA, and the Centre for the Promotion of Private Enterprise (CPPE), stressed that the decline in the contribution of the NOE to total exports show that there is still more work to be done in terms of eliminating the various barriers to increasing the nation’s NOE…

Source: Vanguard Newspaper