Amid acute dollar shortages, Africa’s biggest economy is failing to tap the opportunities to boost its non-oil exports under the African Growth and
South Africa, Kenya, Madagascar, Lesotho, and Ghana dominated the 2022 non-oil AGOA exports, accounting for 90 per cent of the total non-oil AGOA exports in 2022, with Nigeria missing on the list.
“South Africa is the top supplier of AGOA non-energy imports, with eligible imports increasing 46 percent in 2022 from 2021, partly driven by higher motor vehicle imports,” said Liana Wong and Brock Williams, analyst and specialist in International Trade and Finance. The nation’s exports have ranged from automobiles and machinery to agricultural products, with a substantial increase in demand for its wines, citrus fruits, and processed foods.
Lesotho, a small, landlocked country, has carved a niche in the textile and garment sector, becoming a key supplier to American retailers. Its ability to produce high-quality apparel at competitive prices has propelled Lesotho’s status as a significant player in AGOA exports. Though, “Nigeria was the top supplier of energy products in 2022 ”, experts have said that it is increasingly important for African nations to diversify their economies and expand their non-oil export sectors.
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