Business owners task BNI on non-oil exports increase to US

…as Obasanjo backs business networking

Business owners, captains of industries and entrepreneurs who gathered for 2024 National Business Conference organised by Business Network International, BNI Nigeria, in Abeokuta, Ogun State Capital, have told BNI Headquarters in the United States to encourage more non-oil exports to the US from Nigeria as part of its bilateral trade interventions for which BNI is known.

Business Network International (BNI), which has facilitated $24.2 billion businesses and made 16.2 million referrals for its members in more than 70 Countries of the World in the last 12 months, was told by the business owners and investors in Abeokuta to do more referrals and facilitate businesses for Nigeria in terms of non-oil exports to the US through the African Growth Opportunities Act (AGOA).

Speaking at the Conference, Kola Akosile, Vice President of National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), decried Nigeria’s increasing oil exports to the US, saying Nigeria still had more than 90% oil exports in 2023 as against non-oil exports despite series of dedicated campaigns towards the increase of non-oil exports.

Akosile, who encouraged business owners and exporters to use Africa Growth Opportunities Act, a US trade act meant to ensure unhindered market access to the US for Nigeria, in order to increase non-oil exports, also told BNI Nigeria to prevail on the Headquarters of BNI to allow Nigeria increase her non-oil exports to the US.

Read also: Nigeria’s non-oil exports decline amid push for FX earnings

Also, Wasiu Olaleye, another Vice President of NACCIMA, noted that Nigerian exporters are yet to use the foreign trade opportunities, which the regional trade offers as the regional exports among the ECOWAS Countries in West Africa stand at 10%, adding that if Nigeria must earn more foreign exchange, business owners and exporters must embrace AGOA and duty-free regime of ECOWAS on certain exports.

“Regional export is just 10% within ECOWAS and our total population in the West African Region is about 350 milllion. So, we must increase the exports to create jobs, increase productivity and earn foreign exchange.

“There are some certain exports which attract zero percent duty. Agricultural produce attracts zero percent from Nigeria to other West African Countries. Artefacts are also duty-free as well as industrial goods. You just need to observe the route of origin and 35% value addition.

“What you just need to export your goods is certification from the relevant Agencies of Government. Over the time, MSMEs’ major problems are access to finance and access to market. So, by observing all these rules and adopting all the approaches mentioned, there would be an appreciable increase in exports in Nigeria”, he said.

Former President Olusegun Obasanjo, who was one of keynote speakers at the event, said that businesses thrive on networking whether at the community, state, national, regional or global level, adding that “it is through networking that the business can be maximised and a platform where the sellers will meet the buyers.”

He commended BNI for providing the platform for Small and Medium Enterprises to connect, network and showcase their businesses to the World, saying businesses would continue to thrive if Government could provide conducive atmosphere and people work more to create value for money.