The Federal Government has revealed that trade facilitation programs initiated by the current administration have significantly improved Nigeria’s trade balance, which reached N6.5 trillion in the second quarter of 2024. Exports now account for 60.89% of total trade, amounting to N19.42 trillion, which marks a slight increase of 1.31% from the first quarter of 2024 and a remarkable 201.76% rise from N6.44 trillion in the same quarter last year. Vice President Kashim Shettima made this announcement at the 3rd National Conference on Non-Oil Export in Abuja, organized by the Nigerian Export Promotion Council (NEPC).
Shettima emphasized that the country’s efforts to capitalize on economic opportunities were essential in boosting export performance. He noted that Nigeria’s foreign exchange earnings surged in the second quarter of 2024, driven by strong export performance, with a trade surplus rising to N6.95 trillion. Despite this positive development, Shettima warned that Nigeria must avoid becoming a dumping ground for substandard goods rejected by other nations. He also stressed the importance of effective implementation of trade policies to improve Nigeria’s trade balance and reduce dependency on oil and gas exports.
In his address, Shettima highlighted the importance of trade for national prosperity and economic growth, noting that global trade is expected to reach $32 trillion by the end of 2024. He underscored the need for Nigeria and Africa to tap into the vast opportunities available in global markets, including sectors like extractive industries, agriculture, e-commerce, and the creative industries. Shettima further pledged the government’s commitment to reforming trade regulations and supporting micro, small, and medium enterprises (MSMEs) to enhance business operations and facilitate smoother trade processes.
The Vice President also discussed Nigeria’s participation in the African Continental Free Trade Agreement (AfCFTA), which provides access to a market of 1.4 billion people. He stressed the importance of overcoming challenges faced by Nigerian entrepreneurs to fully leverage AfCFTA opportunities. The administration remains focused on economic diversification, aiming to reduce dependence on oil and gas by promoting value-added manufacturing and increasing exports of locally made products. Policies will focus on enhancing market access, boosting competitiveness, and creating jobs in various sectors.
In her welcome address, NEPC Executive Director Nonye Ayeni shared that non-oil exports had increased by 6.7%. She outlined the council’s efforts to improve market access, reduce export costs, and address logistical challenges faced by exporters. Ayeni highlighted NEPC’s strategic partnerships with key agencies, such as Customs, the Nigerian Ports Authority, and the Nigerian Agricultural Quarantine Service, to streamline export processes. Additionally, she noted collaborations with the World Trade Organization and the International Trade Centre to improve the quality of Nigerian non-oil exports, ensuring that they meet international standards and reduce product rejections.
