Vice President Kashim Shettima has announced that trade facilitation programs by the current administration boosted Nigeria’s trade balance to N6.5 trillion in Q2, 2024. He noted that efforts to maximize economic opportunities have led to exports making up 60.89% of total trade, equivalent to N19.42 trillion.
This marks a slight increase of 1.31% from N19.17 trillion in the first quarter of 2024 and a significant 201.76% rise from N6.44 trillion in the second quarter of 2023.
Shettima, represented by the Secretary to the Government of the Federation (SGF), George Akume, spoke at the third National Conference on Non-oil Export in Abuja. He highlighted that the recently introduced trade policy is designed to boost the non-oil sector’s contribution to GDP and strengthen Nigeria’s standing in global trade.
The vice-president said that “For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s trade policy. “With the policy, we intend to substantially increase the contribution of the trade sector to GDP and increase Nigeria’s share of global trade.
Asindicated by the National Bureau of Statistics, Nigeria’s foreign exchange earnings saw growth in the second quarter of 2024, driven by a strong export performance. As a result, the country’s foreign trade surplus rose to N6.95 trillion. However, Vice President Shettima emphasized that despite this positive development, Nigeria cannot afford to become a dumping ground for substandard goods rejected by other countries.
Shettima reiterated the government’s commitment to diversifying the economy and reducing reliance on oil. He also emphasized efforts to streamline regulatory frameworks to improve the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs). According to him, eliminating barriers to trade is crucial for empowering small businesses and boosting Nigeria’s competitiveness in the global market. He called for joint action from both the public and private sectors to tackle the challenges and fully realize Nigeria’s trade potential.
The Executive Director of the Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni, credited the growth in Nigeria’s non-oil export earnings to the policy initiatives of President Bola Tinubu. Ayeni highlighted that the country’s non-oil export earnings grew by 6.26% in the first half of 2024, reaching $2.7 billion. Speaking on the council’s activities, Ayeni explained that the NEPC is focused on creating market access for Nigerian products, reducing export costs, and addressing the logistics challenges faced by exporters.
Ayeni further explained that the NEPC has formed strategic partnerships with key agencies, including the Nigeria Customs Service, the Nigerian Ports Authority, and the Nigerian Agricultural Quarantine Service. These collaborations are aimed at streamlining the export process, ensuring that goods are transported directly to the port without delays or disruptions, and ultimately facilitating smoother and more efficient export operations for Nigerian businesses.
