FG commits to boosting non-oil exports of value-added products

The federal government has committed to boosting non-oil exports of high-quality value-added products to reduce reliance on oil revenues.

Speaking at the Nigerian Export Promotion Council (NEPC) 3rd National Conference on Non-oil Exports held recently, Jumoke Oduwole, minister of Industry, Trade and Investment said the ministry is committed to repositioning this sector for national economic growth.

She said this is done by aggressively implementing trade policies that encourage inclusive participation in wealth creation.

Oduwole stressed that consumers are increasingly prioritising environmentally friendly products while urging businesses to integrate sustainability in their production processes to enhance competitiveness and environmental protection.

“We aim to promote the export of high-quality, value-added products that align with global best practices.”

“And strategically position Nigeria to take its place in the African Continental Free Trade Agreement (AfCFTA) that connects over 1.3 billion people in a single market, the largest in the world.”

“I would like to reiterate our commitment to supporting NEPC in delivering this mandate as it is important for the president’s eight-point agenda, especially through strategic initiatives – Operation Double Your Exports.”

She however said that the journey requires collaboration and synergy between regulatory agencies.

According to her, public-private sector partnership is essential, and by working together Nigeria would improve the volumes of its non-oil exports in concrete measurable terms, such as by volume, value addition, and dollar terms.

“We also commit to working on regulatory synergy for access to markets for MSMEs and other large businesses as well, and this will continue with the work of the Presidential Enabling Business Environment Council (PEBEC) under the vice president,” she said.

“We will support free trade zones to attract investment and generate more activity so that our exports can be more vibrant,”she added.

The minister stated that the conference is not only a testament to the administration’s proactive strategies to rejuvenate the economy but also a reminder that our future and that of our children depends on our urgent ability to reduce the country’s dependency on oil.

Nonye Ayeni, executive director/CEO of the Nigerian Export Promotion Council (NEPC), highlighted that enhancing production, and value addition to make the country’s businesses competitive, requires adhering to global standards and quality.

“We are looking at creating market assets for our products and then reducing the cost of exportation by our exporter, we are also working with them to see how we can streamline documentation and make it easy for the exporters,” Ayeni said.

Kashim Shettima, the vice president of Nigeria said that the result of the agenda speaks to the collective effort to reform the economy to accelerate diversification, industrialisation, digitisation, the creative arts, manufacturing, and innovation, all of which are targeted to sustain inclusive economic growth.

Shettima further noted that the federal government intends to strengthen and reform all regulatory frameworks that will not only facilitate seamless trade but also enhance the ease of doing business, particularly for MSMEs and business owners.

“As we strive to develop a flourishing domestic market that is competitive and fully integrated into the global economy, this administration remains resolute in its quest to position the country as a strong economic force.”