FG to harness non-oil export as trade balance hits N6.5trn in Q2 2024

Nigeria’s Vice President, Kashim Shettima has stated that the federal government will harness all non-oil export potentials as part of efforts to boost growth, noting that the country recorded a positive trade balance of N6.5 trillion in the second quarter of 2024. Shettima stated this yesterday in Abuja at the opening ceremony of the 3rd […]

Nigeria’s Vice President, Kashim Shettima has stated that the federal government will harness all non-oil export potentials as part of efforts to boost growth, noting that the country recorded a positive trade balance of N6.5 trillion in the second quarter of 2024.

Shettima stated this yesterday in Abuja at the opening ceremony of the 3rd non-export conference with the theme “Promoting Non-Oil Export for Rapid National Growth,” organized by the Nigerian Export Promotion Council (NEPC).

Represented by Ibrahim Hadeija, Deputy Chief of Staff to the President, he explained that “For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s Trade Policy. With the Trade Policy, we intend to substantially increase the contribution of the trade sector to GDP and increase Nigeria’s share of global trade.

“It is encouraging to state here that the country’s total external trade recorded a favourable trade balance of N6.5 trillion in the second quarter of the year 2024. Of this sum, exports accounted for 60.89 percent of total trade, which amounted to N19.42 trillion, representing a marginal increase of 1.31 percent compared to N19.17 trillion in Q1 2024, and a 201.76 per cent rise over N6.44 trillion in Q2 2023.,’

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Also speaking, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole noted that the persistent volatility and unpredictability of oil prices has inflicted intermittent financial shocks on the economy which is why the AfCFTA has now provided an opportunity for Nigeria to harness the potential of non oil exports in the areas of agricultural products, solid minerals, pharmaceuticals among others.

She added that “The Ministry of Industry, Trade and Investment is committed to repositioning this sector for national economic growth by aggressively implementing Nigeria’s trade policy to encourage inclusive participation in wealth creation, thereby boosting the national economy. We aim to promote the export of high quality value added products that align with the global best practices,”

Earlier in her address,  the Executive Director of the NEPC,  Nonye Ayeni said that “In line with the target to operationalise Domestic Export Warehouses, an Inter-Agency Committee comprising Nigeria Custom Service, Nigerian Shippers Council, Nigerian Ports Authority, Nigerian Agricultural Quarantine Service, and the Nigerian Export Promotion Council, conducted a test-run on 3 of the facilities which are Lalas Agro-Allied farm FZE Kano, Dala Inland Dry Port Kano and Eslibra Nigeria Limited in Lagos,”

She added that “The Council has carefully selected top 20 agricultural products to give them intensity and focus right from the farm gate through the entire value chain to market access in collaboration with various agencies.’