Nigerian firms have been urged to exploit the opportunities created by the African Continental Free Trade Agreement by diversifying into non-oil exports.
Zenith Bank conducted an international trade seminar on Thursday titled “Start Local and Go Global with Non-Oil Exports.”
Nigeria has been severely reliant on crude oil as its principal source of revenue for decades, resulting in a mono-product economy.
According to the National Bureau of Statistics, earnings from crude oil sales accounted for more than 79% of overall export revenue in the first half of 2023.
Bamidele Ayemibo, Chief Executive Officer of 3T Impex Trade Academy, stated during the event that Nigerian businesses should start thinking about exports, particularly in the non-oil sector, to capitalize on the AfCFTA agreement.
According to the World Bank, the AfCFTA pact unites 1.3 billion people in 55 countries with a total GDP of $3.4 trillion.
“It has the potential to lift 30 million people out of extreme poverty, but realizing its full potential will require major policy reforms and trade facilitation measures.”
Read also;
- How vision boards can transform your business goals
- Lagos rail expansion set to boost small businesses, entrepreneurs
- Ekiti agro-business farmers gain boost with L-PRES cluster initiative
- Niger State agriculture generates over N600b in 2024
- SMEDAN unveils #StartWithSMEDAN to boost small businesses
Ayemibo underlined that the market is full of potential, pushing firms to arm themselves with information, understand market dynamics, and seek help in order to successfully traverse the global market.
He emphasized the importance of addressing crucial issues, which he divided into four critical domains: firm, capability, country, and companion factors.
These four categories, according to Ayemibo, collectively define the readiness of promoters and enterprises entering the export sphere.
He included product readiness, market readiness, price strategy, and personnel readiness as “company” considerations.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
