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Happy Tuesday and Welcome to Export Brief. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

• ⏲️: This edition is 1048 words, a 3.5-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria's Central bank reverts its interest rates on all intervention facilities during COVID from 5% to 9% per annum.

• Nigeria’s Gross Domestic Product (GDP) grew by 3.54% (year-on-year) in real terms in the second quarter of 2022, showing an increase of 0.44% points relative to 3.11% in Q1 2022, NBS reported.

• Nigeria exports N1.8tn products amid challenges, says NEPC

• Brazil, Nigeria trade hits $281bn export earnings in 2021

• Nigeria and the $2.7 billion global ginger market opportunities

NON-OIL EXPORT

1 big brief: Nigeria exports N1.8tn products amid challenges, says NEPC

The Nigerian Export Promotion Council (NEPC) has stated that Nigeria exported products worth N1.77 trillion between January and June 2022 to different parts of the world in spite of challenges faced by exporters and stakeholders in the agricultural value chain

Why it matters: This is coming after the NBS recently released report with a decline in Nigeria’s trade surplus month-on-month, by 50.8 percent to $930 million in April 2022, from $1.89 billion in March.

📊By the numbers: According to ED, the country recorded a significant growth in non-oil exports as a total of 4.146 billion metric tonnes of products worth $2.593 billion were exported between January and June 2022.

💬What they're saying: “Of the top 15 exported products in the first half of the year of 2022, urea/fertilizer recorded 32.49% of the total export while cocoa beans, sesame dead and Aluminium ingots contributed 12.65%, 7% and 5.07% respectively within the same period.” - Dr. Ezra Yakusak, Executive Director, NEPC

• He said the figures were obtained from the non-oil export performance reports of various shipment inspection agents who were appointed by the Federal Government to determine volumes, values and destinations of Nigeria’s non-oil exports. He also noted that urea, fertilizer and cocoa beans were one of top products exported.

TRADE ROUNDUP

TRADE | Brazil, Nigeria trade hits $281bn export earnings in 2021

• The Brazil and Nigeria trade relations recorded $280.81 billion in export earnings in 2021. However, Nigeria’s export earnings to Brazil was $47.2 billion in the year under review.

EXPORT | Why Nigeria gets little from $2.7 billion global ginger market despite being world’s second largest producer

• "Nigeria exported $12 million worth of ginger in 2021 (523,000 metric tonnes), which represents 14 per cent of the global supply for ginger, but Nigeria could earn more if that volume is converted into ginger oil (through steam distillation). Ginger oil is used as flavouring agents for beverages, confectionery and perfumes."

UPCOMING TRAINING

EXPORT PROMOTION

🗒️ Briefing note: Ports Authority drives foreign exchange earnings with 10 export terminals

To boost the Nigeria’s foreign exchange earnings, the Nigerian Ports Authority (NPA), has restated its commitment towards driving non-oil exports by creating ten specialized export processing terminals across the country.

• According to the NPA’s Managing Director, Mr. Mohammed Bello-Koko, three of the approved terminals have commenced operation per the report.

Why it matters: The ports are the major export trade point to the global market, as such, they play crucial role in enhancing movements of goods and services to and from Nigeria. The ports serve as the nation's revenue collection points.

💬What they’re saying: "The terminals are for all exporters but especially for export of agro produce and minerals. They would be processed there, tested, certified, packaged and then containerized if that is what they want to do, and the container should be sealed, and then from that location the container should be taken directly into the port and then into the vessel.” Bello-Koko said

In between the lines: NPA is also linking up the terminals to the Domestic Export Warehouses (DEW) that is been created by the Nigeria Export Promotion Council (NEPC) in other parts of the country. It has issued licenses to ten export processing terminals.

The bottom line: The ports collaboration with other agencies is centred on reducing costs to the exporters, reduce time that it takes to ship goods, and generally make the process faster and seamless.

IEOM

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DATA WATCH

 TWEET OF THE WEEK

🐦 Sneak peek into WTO Agreement on Fisheries Subsidies report

PHOTO OF THE WEEK

TRADE PARTNERSHIPS: A 2-day Tokyo International Conference on African Development (TICAD8) summit held in Tunis recently with Japan pledging a 3-year $30 billion investment in Africa. CREDIT: Twitter/Shirley Botchwey