Quick Updates 5

August 25

As we step into another week and as the month of August winds to a close, I present quick updates from my desk as we continue to fulfill our mandate as the pre-eminent organisation tasked with buoying forex receipts from Nigeria’s non-oil export sector.

On Tuesday, 20/08/2024, I met with the Comptroller General Nigerian Agricultural Quarantine Services, Dr. Vincent Isegbe. The meeting was to formally introduce the National Project Coordinator of the STDF 845 project, Uju Maureen Okorogu, and to seek NAQS support in implementing the project objectives.

The National Project Coordinator of the STDF 845 is tasked with ensuring that the objectives of the STDF 845, which was launched in partnership with @WTO in March 2024, are met as she coordinates the project activities among all relevant stakeholders.

During our meeting we also discussed other areas of collaboration between @officialnepc and @NAQSng especially in the areas of limiting the number of export rejects of Nigerian products.

On the same day, I also visited the headquarters of STANDARDS ORGANISATION OF NIGERIA where I met with the Director General, Dr. Ifeanyi Chukwunonso Okeke. It provided an opportunity to introduce the National Project Coordinator of the STDF 845 project?

It also afforded us an opportunity to discuss and share insights around enhancing the quality and standards of Nigerian exports in order to enhance global competitiveness and revenue growth.

On Wed. 21/08/2024, I received in audience the High Commissioner of Namibia to Nigeria, His Excellency, Mr. Humphrey D. Geiseb, who paid us a courtesy visit at the Council. During our meeting, the diplomat shared export opportunities that can be tapped into by Nigerian exporters.

Aside from discussions around economic issues of mutual interests, the High Commissioner invited the council to participate in the upcoming Namibia-Nigeria Joint Commission event slated for Nov. 2024. The meeting ended with commitments to partner for the benefit of both nations.

On Thursday 22/08/2024, I was in Lagos as guest of FCMB Group at their Seminar on Non-Oil Exports which had the theme - Refocusing Nigerians’ Economic Development Through Non-Oil Exports. My presentation was titled - Unlocking Nigeria’s Non-Oil Export Potentials.

In my paper, I spoke about the mandate of the NEPC which is focused on growing the non-oil export sector before showing the extent of the global merchandise export and Nigeria’s place in the mix based on 2022 figures released by the @UNCTAD Handbook on Statistics (2023).

While the total global value of merchandise export was $24.3 trillion in 2022; Africa accounted for $665 billion (2.67%), while Nigeria’s total was $63 billion (0.25%) of world total export.?

In terms of global export of services; out of a total figure of $7.1 trillion in 2022, Africa accounted for $132.6 billion with Nigeria ringing in $4.8 billion in export of services export for the same 2022.

Our limited earnings are based on our mono-cultural economy which has prioritized oil exports over non-oil exports. Oil exports account for 72% of Nigeria’s total export, generates the bulk of our forex earnings and contributes around 10% to Nigeria's GDP.

I noted the decline in the oil sector's contribution to the economy which has been due to: a Global shift towards renewable energy; Oil price volatility & Production challenges. This has led to growing calls for a diversification of the economy and promotion of non-oil exports.

Having identified the challenge and imperative, I shared with my audience the potential of Nigeria' s non-oil? export? for transforming the nation's economic landscape through strategic partnerships with both local and global players.??

Focusing on Agric Commodities; Manufactured/Processed Goods; Solid Minerals; Services, Arts & Craft in alignment with the Industrial Revitalization Plan of the Honourable Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite of FMITI & the Renewed Hope Agenda of His Excellency President Bola Ahmed Tinubu will take us round the corner.

This focus, I told my audience, is at the core of our initiatives aimed at growing the non-oil export sector and the driving force behind our partnerships and collaborations which have grown exports to over 124 countries. It is the reason behind our #DoubleYourExport mantra.

Have a good week.