The dwindling oil revenue provides a huge opportunity for local manufacturers to formalise their transactions with foreign patrons to enable them earn foreign exchange, Emeka Okoroama, managing director, Koroma Glover Nigeria Limited, a paints manufacturing firm, says.
He affirmed that a rewarded export would give added profit and margin to the exporter, as well as increase his scope and purchasing power, thereby driving local demands.
Okoroma in an interview with BUSINESSDAY in Aba, the commercial hub of Abia State, also observed that a well developed export sector, would provide employment, reduce social vices, ensure balance of trade and reduce pressure on foreign reserves.
“The unpredictability of crude oil price in dollar, and high demand of Nigeria goods, especially in the ECOWAS sub-region, provides opportunities for local manufacturers to go into export.
“Export incentives and grants by the Federal Government is also an important factor in the need for you to go into export. I want to say that the opportunity is now that the non-oil sector is looked at, as the only way out, to rebuild the nation’s economy.
“In 2010, when plastic business thrived in Aba, one of my friends, who was into it, exported at least 5 trucks of plastic materials to Cameroon, daily, but he did not earn much from those transactions, because he sold his goods informally, without due process and he regretted that after.
“So, I’m appealing to everybody doing business with foreign patrons to formalise their transactions and earn foreign exchange, “he advised.
Aba, is known for the production of leather products in the entire West African sub-region, however, these leather goods are exported informally.
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