Vice President Kashim Shettima has announced that trade facilitation programs implemented by the current administration have boosted Nigeria’s trade balance to N6.5 trillion in the second quarter of 2024.
Speaking at the 3rd National Conference on Non-Oil Export in Abuja, Shettima emphasized the importance of diversifying the economy beyond oil and gas, highlighting the significant role of exports in driving national economic growth.
According to Shettima, exports accounted for 60.89% of the total trade volume, which amounted to N19.42 trillion a marginal increase of 1.31% from N19.17 trillion in the first quarter of 2024. This represents a remarkable 201.76% increase from N6.44 trillion recorded in the same quarter last year. He underscored that these figures demonstrate Nigeria’s potential to maximize economic opportunities through effective engagement in global trade.
“A trade surplus indicates a positive balance of trade where exports exceed imports,” he explained, adding that despite the positive figures, Nigeria must not become a dumping ground for substandard goods rejected elsewhere.
Shettima, represented by Deputy Chief of Staff Ibrahim Hadejia, reiterated the necessity for Nigeria to improve its balance of trade and reduce reliance on oil and gas. He stressed the need for robust implementation of the country’s trade policy, aiming to significantly increase the contribution of the trade sector to Nigeria’s GDP.
“A cursory analysis shows that in today’s global economy, trade is the determining factor for any nation that desires prosperity for its citizenry. Opportunities exist across various sectors, from extractive industries and agriculture to e-commerce and creative industries,” Shettima noted.
With global trade projected to reach $32 trillion by the end of 2024, he challenged stakeholders to explore these opportunities effectively. The Vice President highlighted the importance of regulatory reform to facilitate seamless trade, particularly for micro, small, and medium enterprises (MSMEs).
“As a signatory to the African Continental Free Trade Agreement (AfCFTA), Nigeria stands to gain access to a market of approximately 1.4 billion people,” he said. “We must address the challenges inhibiting our entrepreneurs from leveraging the opportunities presented by the AfCFTA.”
In her welcome address, Executive Director of the Nigerian Export Promotion Council (NEPC) Nonye Ayeni, reported a 6.7% increase in non-oil exports. She outlined the council’s efforts to create market access, reduce exportation costs, and minimize logistical challenges faced by exporters.
“We’ve established strategic partnerships with key agencies like the Nigeria Customs Service and the Nigerian Ports Authority to streamline export processes,” Ayeni stated. “We aim to operationalize the domestic export warehouse as a one-stop shop for exporters, ensuring efficient goods handling and transportation to ports.”
