The Vice- President, Senator Kashim Shettima has revealed that Nigeria recorded a favourable trade balance of N6.5 trillion in second quarter of 2024 .
According to him, exports accounted for 60.89 percent of total trade which amounted to N19.42 trillion, representing a marginal increase of 1.31 per cent compared to N19.17 trillion recorded in first quarter, 2024 and a 201.76 per cent rise over N6.44 trillion in quarter two of 2023.
He emphasised that for Nigeria to improve its balance of trade, there is a need to ensure effective implementation of the country’s trade policy, adding that with the current trade policy, the nation intends to substantially increase the contribution of the trade sectors to Gross Domestic Product ( GDP) and increase Nigeria’s share of global trade.
Senator Shettima made this known yesterday while declaring open the 3rd Nigerian Export Promotion Council ( NEPC) National Conference on Non– Oil exports holding in Abuja
Represented by the Deputy Chief of Staff, office of the Vice- President, Senator Ibrahim Hadeja, the county’s number two man said the question presently beging for answer is how Nigeria and Africa can benefit from the global trade estimated to reach $32.trillion by the end of year 2024.
The Vice- – President revealed that government’s intension is to strengthen and reform all regulatory framework that will not just facilitate seamless trade but enhance the ease of doing business, particularly for Micro, Small and Medium Enterprises ( MSMES)
He assured that the present administration will not relent on its ongoing fiscal reforms, hence it will vigorously pursue the economic policies already put in place to reignite economic growth, social welfare improvements and improve the living standards of Nigerians
He implored participants to key into the Renewed Hope Agenda of the administration by making positive contributions to the overall growth of the economy.
In a welcome address, the NEPC Executive Director/ Chief Executive Officer, Nonye Ayeni, said that time has come for stakeholders to work together to foster a supportive environment for the Non– Oil exports.
“This includes investing in infrastructure, enhancing trade policies and empowering our local businesses to compete in the global market, our flagship initiative of Operation Double Your Exports is not only to increase exports but also to create jobs, boost innovation and enhance our overall economic resilience,” Ayeni stressed.
On export rejects, the NEPC boss said: “The volume of rejects on Nigerian products remains one objective of the council, the council is addressing such issues by collaborating with relevant agencies to create awareness, build capacity for good agricultural practices, labelling and packaging to ensure adherence to the quality and standards of exports in the global market”
In goodwill message, the Director General of the World Trade Organization ( WTO) Dr. Ngozi Okonjo– Iweala said that Nigeria has immense potential in diversifying its export phase, particularly through non oil exports and must continue efforts to push her growth beyond oil and gass
“Leveraging this potential is essential not only for Nigeria’s economy, but for fostering greater economic resilience and opportunity across the continent and beyond”
“I must commend the NEPC for being a force in advancing this agenda, actively supporting the development of Nigeria’s non oil export sector.
“They are working to empower Nigerian businesses, including many micro, medium and small enterprises, to expand their reach, strengthen their competitiveness, and contribute to the nation’s economic development.
“One of the NEPC standout initiatives has been a support for women entrepreneurs. Women play a critical role in driving inclusive growth, especially in trade sectors like agriculture, textile and services, where many of Nigeria’s talented women lead as business owners and innovators by equipping women entrepreneurs with the tools, training and access to markets they need,” she said.
