The move by the federal government to increase its export earnings in 2025, suffered a major set back as the first quarter report shows an export shipment of 8,153, (SGDs) during the period.
The figure came down from 8,710 shipments(SGDs) recorded in the last quarter of 2024 to it’s present 8,153, representing a 6.4 per cent decline.
Recalled that the Nigerian Export Promotion Council (NEPC) said it is targeting rubber, palm oil, and seafoods in the south-south in the push to double non-oil export in 2025.
The push is spored by the $5.43bn recorded in non-oil export in 2024 and vowed to double the figure in 2025, thus hoping to hit above $10bn.
Meanwhile, the Comptroller- General of Customs, Adewale Adeniyi, while the Service Score Card for the first quarter of stated that despite fewer transactions, export mass reached 5.03 billion kilograms.
” Despite fewer transactions, export mass reached 5.03 billion kilograms – a 10% reduction from Q4 2024’s 5.58 billion kg but a remarkable 348% increase from Q1 2024’s 1.12 billion kg.
“The Cost, Insurance and Freight ( CIF) value stood at ₦21.51 trillion, showing a 19% increase from Q4 2024’s ₦18.07 trillion while remaining stable compared to Q1 2024’s ₦21.58 trillion.
“This data clearly suggestive of Nigeria’s accelerating shift toward bulk commodity exports, with significantly larger shipments being processed through fewer transactions, while maintaining consistent total export value – reflecting both changing trade patterns and improved processing efficiency in our export systems.
” The total trade value handled by the Service in Q1 2025 amounted to
₦36,317,925,576,290.00, demonstrating Nigeria’s substantial participation in international trade despite global economic challenges” CGC Adeniyi declared. Conversely, the service processed a total of 327,928 Single Goods Declarations (SGDs) for imports, handling goods with a total mass of 4,910,640,283.33 kilograms and a Cost, Insurance, and Freight (CIF) value of ₦14,807,960,201,235.00.
“This represents a 5.28% increase in the number of import transactions compared to the 311,492 SGDs processed in Q1 2024, reflecting growing confidence in our trade facilitation measures.
“The significant 40.14% increase in the mass of imports processed (from 3,504,173,117.33 kg in Q1 2024) demonstrates robust growth in import volumes, while the 26.72% increase in CIF value (from ₦11,685,677,810,129.00 in Q1 2024) indicates a shift towards higher-value goods” the CGC stated
