The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced its ambitious plan to significantly increase Nigeria’s annual earnings from non-oil exports to $35 billion over the next five years.
This announcement was made by Mr. Charles Odii, the director-general of SMEDAN, during a three-day capacity-building program focused on packaging and branding of products for the African Continental Free Trade Agreement (AfCFTA).
Mr. Odii, represented by Professor Adeyinka Fisher, the Acting Director of the Partnership and Coordination Department of SMEDAN, highlighted that in the first half of 2022, Nigeria generated $2.5 billion in revenue from non-oil exports.
Previously, Nigeria was ranked as the 49th largest export economy globally by the Observatory of Economic Complexity (OEC), with exports valued at $47.8 billion and imports at $39.5 billion. SMEDAN’s goal is to propel Nigeria’s non-oil exports to $35 billion annually by 2028, a substantial increase from the $2.7 billion recorded in 2022, as projected by the Nigeria Export Promotion Council (NEPC).
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To achieve this objective, SMEDAN has outlined various plans, including intensive training for entrepreneurs on packaging and branding to enhance product value.
The agency also aims to raise the number of SMEs meeting AfCFTA and international standards, foster cluster development, improve common processing facilities, and increase access to global business information.
One of the key challenges faced by Nigerian exporters is the rejection and underpricing of their products in international markets due to subpar packaging, branding, and inadequate knowledge of global market intricacies.
SMEDAN is committed to addressing these issues to help Nigerian businesses harness the opportunities presented by the AfCFTA and contribute to the nation’s foreign currency earnings and overall economic growth.
During the event, government officials from Akwa Ibom State expressed their commitment to collaborating with SMEDAN in promoting product development for export. The workshop, titled ‘Empowering Small and Medium Enterprises for Global Competitiveness through Packaging and Branding,’ was organized by SMEDAN in partnership with the Akwa Ibom State Government.
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