THE Nigerian Export Promotion Council has said that the country’s earnings from non-oil exports dropped by N52.2billion ($261million) in the second quarter of this year.

The country’s non-oil export dipped to N78.2bn ($391m) in the second quarter of 2015 from N130.4bn ($652m) recorded in the second quarter of 2014, representing 39.25 per cent decrease.

The figures were disclosed in Abuja yesterday by the Executive Secretary of the Nigeria Export Promotion Council (NEPC), Mr. Olusegun Awolowo, during a courtesy call on the Council by the new Comptroller-General of the Nigerian Customs Service, Col. Hameed Ali (rtd).Awolowo attributed the slump in non-oil export revenue earning to the suspension of the Export Expansion Grant (EEG) and the insurgence in the North East. “The situation is compounded with the non payment of the Export Expansion Grant (EEG) and the insurgency in the North East which is the agricultural basket of the nation.

He said, “The nation is not only losing on the economic front, the lull in the non-oil export is also affecting the capacity of the manufacturing sector to employ, lamenting that in the period under review, the nation lost 50 per cent of its labour force.“The country has taken a dip of 60 per cent in oil revenue. For any country across the world, it is huge. However, the challenges we are having in the oil sector are also affecting the value of our non-oil export. One of the challenges is the continued rejection of products by foreign importers, which he noted was due to improper documentation by clearing and forwarding agents. Awolowo stated that an inquiry into some of the causes of products rejection revealed that most exporters ran foul of documentation rules adding that exporters employed the services of cheap agents who do hasty jobs for them.

Services of cheap agents

On what the Federal Government is doing to put an end to rejection of products from Nigeria, the NEPC boss noted that an inter-agency committee was working to ensure zero rejection by 2016.

“In a bid to unearth the reasons behind the rejection of our export products in Europe, we went to London with seven agencies of government. We visited the largest Port where Nigeria and other West African countries’ goods pass through. To our utter disgust and amazement, many of the rejects were based on improper documentation. They route some of the goods through fraudulent clearing and forwarding agents. We have to work with the Customs service to address this. When we have an export portal, people can track their exports.

In his response, the Comptroller-General of the Nigerian Customs Service (NCS), Col. Hameed Ali, assured the NEPC of the Service’s support in removing all impediments to export trade. On the EEG which was meant to boost the nation’s exports but was suspension by the past administration due to alleged abuse of it, Ali said that Ministerial committee set up by the past administration would submit its findings to President Mohammadu Buhari for necessary action as soon as the Ministers get to work.

http://www.vanguardngr.com/2015/11/non-oil-export-earnings-drop-by-n52-2bn-in-q2/

We re in trouble financially and economically.


The finance minister had better have something up his/her sleeves once inaugurated

I weep for Nigeria and Nigerians......
Everything is declining yet the only thing government is interested in doing is witch hunting PDP members.... How did we get here?

Nnemuka:
I weep for Nigeria and Nigerians......
Everything is declining yet the only thing government is interested in doing is witch hunt of PDP members.... How did we get here?

It is a pity. U re weeping and wailing simultaenously

commitcrime:

It is a pity. U re weeping and wailing simultaenously

Which is better, to wail and things get better, or to keep mute and watch things get worse?

I will continue wailing until the dullard wakes up from slumber. If nothing is done now, our unborn children will suffer terrible things so nna allow me to wail.

Nnemuka:

Which is better, to wail and things get better, or to keep mute and watch things get worse?

I will continue wailing until the dullard wakes up from slumber. If nothing is done now, our unborn children will suffer terrible things so nna allow me to wail.

Nne keep wailing

I ve not seen a country where wailing helped out in their development.

I'm sure u knw wailing isn't constructive criticism.
#justsaying. Why weren't u wailing during the last dispensation?
I'm sure our future wasn't destroyed 5 months ago!

all will be well

Nnemuka:

Which is better, to wail and things get better, or to keep mute and watch things get worse?

I will continue wailing until the dullard wakes up from slumber. If nothing is done now, our unborn children will suffer terrible things so nna allow me to wail.

What range of month is Quarter 2 ?

Thanks to Buhari body language

miqos02:
all will be well

Ok lets continue fasting and praying abi?
smh

Rawani:

You've exposed the wailer, OP kindly answer
Watch them blame Buhari for a fall of revenue in April/May under Jonathan. I hope we can now see that the effects of the insurgency are not limited to the IDP camps.

May/June and last i checked the dullard has assumed office then. i expected you to know what q2 is but just like your Nepa bill certificate president you cant tell.

chinchum:
What range of month is Quarter 2 ?

You've exposed the wailer, OP kindly answer

Watch them blame Buhari for a fall of revenue in April/May under Jonathan. I hope we can now see that the effects of the insurgency are not limited to the IDP camps.

2nd Quarter...

Rawani:


You've exposed the wailer, OP kindly answer

Watch them blame Buhari for a fall of revenue in April/May under Jonathan. I hope we can now see that the effects of the insurgency are not limited to the IDP camps.

You deliberately left out June.... Buhari's failure in June was second to none

Ok

Wrong.

The reasons given for the drop was the stoppage of Export Expansion Grant payment, and the insurgency, events which took place before May 29th, 2015.

While the solution is not in stamping blame, but be honorable enough to acknowledge GEJ's incompetence.

P.S. OP, 2Q covers April, May and June 2015

TonyeBarcanista:

You deliberately left out June.... Buhari's failure in June was second to none

Nnemuka:

Ok lets continue fasting and praying abi?
smh



May/June and last i checked the dullard has assumed office then. i expected you to know what q2 is but just like your Nepa bill certificate president you cant tell.

Why do people not seem to understand cyclical fluctuations? Do you even understand the concept of business cycle?
Much as you may want to blame the present regime for the current woes, not much would have been done by any other to salvage the situation in such a short space of time. Give them ample time, then your accusations will stand valid.
These sectors are only responding to shocks from dwindling oil revenue. It's funny, but in Nigeria, oil revenue serves to fuel even these other sectors of the economy. A kind of positive relationship exists between oil revenue and growth of other sectors of the Nigerian economy.
In the long run (if we aren't all dead ), the economy will adjust to the shocks and things will pick up again. Meanwhile, monetary policies have never really been hugely effective in an economy as ours, the govt needs to support with fiscal ones to arrest the continued fall.

It seems PMB was never ready to be president, but thank God it was him and not GEJ.

The suspension of the EEG payments which has been affecting our non oil exports negatively, was suspended in August 2013.

Nnemuka:

Ok lets continue fasting and praying abi?
smh



May/June and last i checked the dullard has assumed office then. i expected you to know what q2 is but just like your Nepa bill certificate president you cant tell.

May/June is not quarter 2. There are 3 months in a quarter as used in this context.

Quarter 2 is APRIL MAY JUNE. If i indulge you in your shallowness, your supposed hero was in charge for 2 out of the 3 months.

I think it is pointless mourning over the failure of GEJ at the polls 7 months after, and childishly or to put it more bluntly "foolishly" wants the currently administration to fail so as to bask in vain glory. . Things was going to be tough whoever was on seat in 2015.

commitcrime:


Nne keep wailing

I ve not seen a country where wailing helped out in their development.

I'm sure u knw wailing isn't constructive criticism.
#justsaying. Why weren't u wailing during the last dispensation?
I'm sure our future wasn't destroyed 5 months ago!

D dullard is fast sending this country to Smitherins.