…says non-oil export sector has potential to put Nigeria among 20 strongest economies
Nigeria stands a chance of becoming one of the twenty strongest economies in the world, if the untapped potential of its non-oil sector is adequately harnessed.
Ezra Yakusak, executive director/chief executive officer, Nigerian Export Promotion Council (NEPC), the country’s agency responsible for the promotion of non-oil export, made this observation, Thursday, in Aba, Abia State, at a one-day capacity building workshop for newly registered exporters, organised by the Aba Smart office of the Council.
Yakusak, who was represented at the forum, by Roselyn Ekanem, head, Aba Smart office of NEPC, declared that the non-oil export sector is vital to generation of foreign exchange, income and employment opportunities for youths.
He said that the NEPC will continue to support non-oil exporters, through sensitisation and workshops to enable them develop good exportable products that can compete favourably in the international market and earn foreign exchange for Nigeria.
Amechi Okechukwu, a trade expert and staff of the Aba Smart office of NEPC, while delivering a paper titled ‘Understanding Export Trade’, advised newly registered exporters, especially merchants, to understand their products, where to source the products at a cheap rate, product quality based on market specification, sufficient quantity to meet importers’ demand, as well as to identify products within their locality for export.
He stated also that it is important for an exporter to have market knowledge of his exporting country, its political climate, economic scenario, social condition, foreign exchange regulations, tariff and non-tariff structure, trade relationship, if it exists between the two countries and logistics.
Amechi, said that the success of every export depends on the export contract and advised that contract terms should be clearly spelt out to avoid disagreement or rejection of the product, by the importer.
“For example, If a person is asking for cashew nut, state that it is cashew nut from Nigeria, produced in a particular year, like of 2023 crop season. You need to make the contract clear. You need to also specify the price on the contract form”.
He urged the newly registered exporters to utilise Government or association sources for counseling, like the NEPC or city chambers of commerce and other trade associations.
He also advised them to take measures to seek legal opinion on contractual agreements and documents, especially on arbitration in case of contract failure.