2 weeks Ago By James Agberebi
Stakeholders in the organised private sector, including members of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), have urged the federal government to explore the $10.34 trillion global non-oil exports to drive sustainable economic development. Speaking at the third national conference on non-oil export organised by the Nigerian Export Promotion Council (NEPC) themed, ‘Promoting Non-oil Export for National Economic Growth,’ stakeholders emphasised the urgency for Nigeria to swing into action and make significant investments in the non-oil export sector.
NACCIMA National President, Dele Oye, noted that with non-oil exports earning just N1.8 trillion out of the world’s total of $10.34 trillion in global trade, Nigeria needs strategic changes to significantly enhance its export earnings.
He added that the disparity between Nigeria’s non-oil export earnings and that of other countries is stark. “For instance, Brazil generated $6.3 billion in a single month from just three commodities: sugar, soybeans, and maize.
In 2019, The Netherlands generated $721 billion in agricultural product exports alone. The United Arab Emirates, despite being the sixth-world oil-rich country, with 113 billion barrels in reserve, surpassed $380 billion in revenue from oil foreign trade. Norway in 2022, earned over $18 billion from non-oil exports showcasing the strength and importance of diversification using the sector.
That same year, Cote d’Ivoire cornered $4.8 billion; Ghana tapped $1.8 billion while Nigeria attracted a distant $669,988 from Cocoa beans export,” he noted.
In contrast, he said, Nigeria’s total non-oil export earnings for the first nine months of 2024, amounted to just $2.4 billion, showcasing a pressing need for intervention. “When comparing Nigeria to other African nations, like Kenya and Ghana, the disparity becomes clearer.
Kenya has successfully leveraged its agricultural sector to diversify exports, earning considerable revenue from tea, horticulture and coffee. Ghana, primarily known for cocoa, has also started adding value to its agricultural products, leading to increased earnings. For Nigeria to emulate these successes, it must address key challenges and undertake meaningful reforms,” he advised.
The event provided a platform for discussing actionable strategies to bolster Nigeria’s non-oil export sector and the need for increased value addition in agricultural products for export was emphasised. Stakeholders pointed out that Nigeria often exports raw materials at low prices, which undermines their potential, highlighting strategies such as establishing processing facilities for crops to elevate their market value, similar to what countries like Kenya have done with flowers and fruits. They further noted that value-added products are not only competitive in the international marketplace, but they also attract premium prices.
Minister of Industry, Trade and Investment, Jumoke Oduwole, highlighted the need to establish commodity boards, noting that it would help streamline production, set quality standards, promote local goods and manage pricing strategies to optimise profitability for farmers and exporters alike,” she said. 88888888.
