Guide To Export Trade In Nigeria.

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For its many benefits to the wellbeing of nations, Export trade is given high priority around the world, especially by leading global economies. The advantages range from employment generation, increase in national income, foreign exchange earnings, revenue to government and also promotes international cooperation. Nigeria’s export has been largely dominated by the oil and gas sector; however, the rebased GDP in 2014 which placed Nigeria as the largest economy in Africa attributed only 14% of Nigeria’s GDP to the oil and gas sector while the non oil sector – Services, Agriculture and Real Estate contributed the remainder 85%. Retail and wholesale trade were identified as the biggest drivers of GDP growth in Nigeria.

Nigeria has enormous potentials for non-oil growth, particularly through exports. Nigeria’s population of 190 Million people, natural resource endowments, strategic location within the ECOWAS region with access to a market of 300 Million people and transport access to Europe and the rest of the world are comparative advantages to fully explore for non-oil exports.

In line with its mandate, the Nigerian Export Promotion Council (NEPC) is leading an export agenda of the government with its vision to make the world a market place for Nigerian non-oil products. If Nigeria broadens and grows its export basket, a positive chain reaction ricochets throughout the economy. The logic follows – when you grow exports, national output (agriculture, industry, solid minerals) will also grow; local businesses will grow; supporting infrastructure will expand; and jobs and investments will definitely follow. The overall macro impacts result in growing foreign reserves (from export foreign exchange) and a more resilient economy.

There are opportunities in production, processing and marketing of non oil products and services and these are further supported by government policies and programs aimed at diversifying the economy.
Export business cuts across micro, small, medium and large enterprises and requires the right level of commitment, resilience, knowledge and structure. More information can be obtained from NEPC.


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