Stakeholders want FG to formulate export policy on non-oil to boost economy
The Organised Private sector has urged the Federal Government to formulate an export policy that would boast economic growth in the non-oil sector.
The Director-General, Manufacturing Association of Nigeria (MAN), Mr Segun Kadir made the call at the closing of the 2023 Nigeria Employer’s Summit on Wednesday in Abuja.
The Summit was organised by the Nigeria Employer’s Consultative Association (NECA), with the theme, ‘Trade and Non-Oil Export: Changing the Narrative for Rapid National Development.’
Kadir said that the policy formulation in the sector was imperative to aid the needed growth recorded in the export industry.
He said that in spite of the growth recorded in 2022, the current trade policy implemented by the government was grossly inadequate and inhibiting the growth of the sector.
Kadiri, however, expressed concern over the country’s export ranking in the world.
According to him, manufacturing is responsible for three per cent of our export and in terms of global ranking we are 59th in the world while non-oil export is still about 7.3 per cent of total revenue.
Also, the Executive Director, Nigerian Export Promotion Council, Mr Ezra Yakusak while speaking during a panel said that Nigeria lacked a policy on export.
According to him, a national consensus on an export culture built on strong leadership, capacity building, simplified processes, access to finance and infrastructure development is a long-term process that lays the foundation for a sustainable economy.
“This nation doesn’t have a definite policy on export, while we have a trade policy where some issues of trade are mentioned, we don’t have a distinct export policy that will guide this country and say this is the way to go.
“Nigeria has the capacity to trade in new markets, expand existing ones and support Small Medium Enterprises (SMEs) access the global market if we have the right policies,” he said.
Earlier, the Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Olusola Obadimu said Nigeria needed to start exporting before the Naira could record gains against foreign currencies.
“Globally, countries export their products to strengthen their local currency, there is no magic to it. We have heavily depended on foreign goods and our taste is for foreign goods and not encouraging local manufacturers.
“It is either we export or we die and if there is no policy in place to facilitate export, then probably that is where we need to start to stimulate non-oil export.
“The Federal Ministry of Industry and Trade has to look into this issue and put a lot of emphasis into implementing all these thoughts,” he said.
Also, the Director, Commodity and Exports from the Ministry of Industry, Trade, and Investment, Mr Kaura Jerry, said the government recently abolished some bottlenecks limiting international trade.
According to him, if you look at the current trade policy signed recently, the aspect of export trade has been expanded compared to the old trade policy.
“Government is aware of the fact that we really need to look at our non-oil exports because most developed countries developed their economy from non-oil export and we have to follow suit,” he said.
