Nigeria’s raw material exports have taken a substantial hit, with a year-on-year decline of N285 billion.

The Manufacturers Association of Nigeria has attributed this significant drop to the government’s apparent neglect of the productive sector, calling attention to the consequences of such inaction.

According to a detailed analysis of the Foreign Trade Statistics recently published by the National Bureau of Statistics, Nigeria’s raw materials exports dwindled to N345.5 billion during the first half of 2023.

This marks a sharp decline from the N630.5 billion recorded in the corresponding period of the previous year.

A closer examination of the figures for the first half of 2023 reveals a more disheartening picture. In Q1, the country exported raw materials worth N200 billion, followed by a further decrease to N145 billion in Q2.

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These numbers represent a stark contrast to the N259.4 billion exported in Q1 and N371.10 billion in Q2 of 2022.

During this period, notable exports included urea, with or without the aqueous solution, shipped to the United States, as well as nonmonetary gold (including gold-plated with platinum) in powder form, dispatched to Switzerland.

Among the other items that dominated the export list were cocoa shells, husks, skins, and other cocoa waste, predominantly sent to Indonesia.

There were exports of gold, either unwrought or in semi-manufactured forms, or in powder form, destined for Switzerland.

Francis Meshioye, President of the Manufacturers Association of Nigeria, expressed his concerns about the situation during a recent interview.

Meshioye squarely blamed high production costs for the country’s declining exports, pointing out that local manufacturers struggle to compete on price with their counterparts in countries with lower production costs.