Vice President Kashim Shettima has announced that trade facilitation programs implemented by the current administration have raised Nigeria’s trade balance to an impressive N6.5 trillion in the second quarter of 2024. This positive shift marks significant progress in Nigeria’s non-oil export sector and aligns with broader efforts to diversify the economy.
Speaking at the 3rd National Conference on Non-Oil Export organized by the Nigerian Export Promotion Council (NEPC) in Abuja, Shettima highlighted that exports accounted for 60.89% of Nigeria’s total trade, equivalent to N19.42 trillion. This represents a modest quarter-over-quarter growth from N19.17 trillion in Q1 and an extraordinary 201.76% increase from N6.44 trillion in Q2 of the previous year.
The conference, themed “Promoting Non-Oil Export for Rapid National Economic Growth,” served as a critical platform for discussing strategies to elevate Nigeria’s standing in the global marketplace by focusing on non-oil exports. Shettima emphasized that for Nigeria to reduce its reliance on oil and gas, effective implementation of the national trade policy is essential. “This policy aims to significantly enhance the contribution of trade to our GDP and boost Nigeria’s share in global trade,” he stated.
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Data from the National Bureau of Statistics confirmed the strong export performance, showing a foreign trade surplus of N6.95 trillion in Q2 due to increased non-oil exports. However, Shettima cautioned that Nigeria must not become a dumping ground for substandard goods, urging stronger trade regulations to protect the local market.
Represented by Senator Ibrahim Hadejia, Deputy Chief of Staff, Office of the Vice President, Shettima underscored the importance of diversifying Nigeria’s economy by prioritizing the export of manufactured goods and value-added products. He noted that with the African Continental Free Trade Agreement (AfCFTA), Nigeria has access to a $1.4 billion market across Africa, presenting enormous potential for non-oil exporters.
The Vice President highlighted the administration’s commitment to strengthening the ease of doing business and supporting small and medium-sized enterprises (SMEs). “Through regulatory reforms, we intend to enhance trade efficiency, especially for SMEs, ensuring Nigeria benefits fully from the AfCFTA while fostering job creation and economic stability,” he added.
In her opening remarks, NEPC Executive Director Nonye Ayeni reported a 6.7% increase in non-oil exports, marking a successful half-year with export values reaching N2.7 billion. Ayeni emphasized NEPC’s role in creating market access, reducing export costs, and resolving logistical challenges faced by exporters. “NEPC has forged partnerships with Customs, the Nigerian Ports Authority, and the Agricultural Quarantine Service to facilitate a smoother export process,” she said, detailing efforts to streamline the transport of goods from domestic warehouses directly to the ports.
As Nigeria continues its journey toward a diversified economy, both government and private sector efforts remain crucial to achieving robust economic growth through non-oil exports. The event underscored a unified call for stronger trade policy implementation, enhanced regulatory measures, and innovative partnerships that support Nigeria’s vision of becoming a key player in the global economy.
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