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Issues In The News

Nigeria Records Highest Cocoa Exports Of N131bn

The Nigeria Export Promotion Council (NEPC) said the country recorded the highest exportation of Cocoa and its products valued at N131.2 billion in 2014.

This is contained in statistics made available to the News Agency of Nigeria (NAN) by the council on Wednesday in Abuja.

The exportation of the products is part of the Federal Government’s plans to develop and enhance market opportunities for non-oil export sector through the National Strategy Export Products (NSEP).

“Cocoa and Cocoa preparations were the highest exported products in 2014 with the trade volume on Cocoa amounting to N131.2 billion,’’ it noted.

The statistics showed that the country recorded N43.191 billion exportation of the products in the first quarter of the year while more than N18. 558 billion was recorded in the second quarter.

It noted that more than N24. 845 billion was recorded in the third quarter while N44. 695 billion was recorded in the fourth quarter.

It said cotton, yarns and woven also yielded N2.201 billion, N834.919 billion and N1.275 billion in the first and second quarters of 2014 respectively.

The statistics showed a grand total of N460.3 billion on all the products for the 2014 business trade.

NAN reports that the Federal Government, in January, through the Minister of Trade and Investments, Mr Olusegun Aganga, said it marked out 13 NSEP to replace over dependence on petroleum products.

Aganga said the prices petroleum products continued to tumble at the international markets, threatening the stability of the Nigerian economy.

He said that this was part of moves by the Federal Government to revive the dwindling national economy, with emphasis on rapid growth of the non-oil sector for exports.

Aganga said that originally 12 products were identified, but the number increased because the Executive Director of NEPC made a very strong case for the inclusion of Cashew in the list.

He listed the 13 NSEP in three categories, including agro-industrial – palm oil, cocoa, cashew, sugar and rice.

Others are mining related cement, iron ore/metals, auto parts/cars, aluminum and oil and gas industrial products, petroleum products, fertilizer/urea, petrochemical and methanol. (NAN)

About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together

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