Stakeholders within the organised personal sector, together with members of the Nigerian Affiliation of Chambers of Commerce, Business, Mines and Agriculture (NACCIMA), have urged the federal authorities to discover the $10.34 trillion world non-oil exports to drive sustainable financial growth.
Talking on the third nationwide convention on non-oil export organised by the Nigerian Export Promotion Council (NEPC) themed, ‘Selling Non-oil Export for Nationwide Financial Development,’ stakeholders emphasised the urgency for Nigeria to swing into motion and make important investments within the non-oil export sector.
NACCIMA Nationwide President, Dele Oye, famous that with non-oil exports incomes simply N1.8 trillion out of the world’s complete of $10.34 trillion in world commerce, Nigeria wants strategic adjustments to considerably improve its export earnings.
He added that the disparity between Nigeria’s non-oil export earnings and that of different nations is stark.
“For example, Brazil generated $6.3 billion in a single month from simply three commodities: sugar, soybeans, and maize. In 2019, The Netherlands generated $721 billion in agricultural product exports alone. The United Arab Emirates, regardless of being the sixth-world oil-rich nation, with 113 billion barrels in reserve, surpassed $380 billion in income from oil overseas commerce. Norway in 2022, earned over $18 billion from non-oil exports showcasing the power and significance of diversification utilizing the sector. That very same yr, Cote d’Ivoire cornered $4.8 billion; Ghana tapped $1.8 billion whereas Nigeria attracted a distant $669,988 from Cocoa beans export,” he famous.
In distinction, he mentioned, Nigeria’s complete non-oil export earnings for the primary 9 months of 2024, amounted to simply $2.4 billion, showcasing a urgent want for intervention.
“When evaluating Nigeria to different African nations, like Kenya and Ghana, the disparity turns into clearer. Kenya has efficiently leveraged its agricultural sector to diversify exports, incomes appreciable income from tea, horticulture and occasional. Ghana, primarily recognized for cocoa, has additionally began including worth to its agricultural merchandise, resulting in elevated earnings. For Nigeria to emulate these successes, it should tackle key challenges and undertake significant reforms,” he suggested.
The occasion offered a platform for discussing actionable methods to bolster Nigeria’s non-oil export sector and the necessity for elevated worth addition in agricultural merchandise for export was emphasised.
Stakeholders identified that Nigeria usually exports uncooked supplies at low costs, which undermines their potential, highlighting methods corresponding to establishing processing services for crops to raise their market worth, just like what nations like Kenya have completed with flowers and fruits. They additional famous that value-added merchandise aren’t solely aggressive within the worldwide market, however in addition they appeal to premium costs.
Minister of Business, Commerce and Funding, Jumoke Oduwole, highlighted the necessity to set up commodity boards, noting that it could assist streamline manufacturing, set high quality requirements, promote native items and handle pricing methods to optimise profitability for farmers and exporters alike,” she mentioned.88888888
