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•Urges exporters to seize opportunities
By Merit Ibe, [email protected]
The Federal Ministry of Industry, Trade and Investment has committed to addressing the regulatory and bureaucratic challenges currently hindering Nigeria’s exporters. During a ministerial consultation held in Lagos, Minister Dr. Jumoke Oduwole acknowledged the critical role of exports in driving Nigeria’s economic growth and applauded the top 100 exporters for their significant contributions to the nation’s progress.
Oduwole, speaking passionately about the need to streamline regulatory processes, said: “We’re determined to make sure that the regulatory and bureaucratic challenges, which are well known to us coming from a public background, are systemically addressed.” She emphasized that these efforts are part of the government’s broader plan to create a favorable environment for export growth, enhancing Nigeria’s competitiveness in the global marketplace.
Highlighting the urgency of the task at hand, Oduwole added: “Please encourage the Nigerian economy. The reforms may have been tough, but we’re already turning the corner. So let’s all continue together, we can make this economy work.”
She highlighted the government’s dedication to not only supporting exporters of goods and commodities but also services, which she identified as a significant untapped sector. “We’re also supporting Nigerian exporters of services, which is one of the lowest hanging fruits, for allowing Nigerian youth to earn foreign exchange while living in Nigeria,” she stated. Oduwole expressed confidence that Nigeria has the potential to become a leader in digital trade, a field where Nigerian youths excel.
She also noted plans to reinvigorate Nigeria’s Commodities Exchange and praised ongoing efforts to diversify the economy. “There’s a lot of work ahead, no doubt, but the President is committed to this,” Oduwole assured the gathering, referring to a series of reforms aimed at positioning Nigeria as a global export powerhouse.
Further elaborating on the challenges exporters face, Oduwole acknowledged the fragmentation and inefficiencies between government agencies. “You’ve seen that the GDP is moving in the right direction. Please encourage the Nigerian economy. The reforms may have been tough, but we’re already turning the corner. So let’s all continue together to make this economy work,” she said, adding that the government had taken proactive steps to reduce bureaucratic silos and improve collaboration across agencies.
Permanent Secretary of the Ministry of Industry, Trade and Investment, Nura Abba Rimi, corroborated Oduwole, stressing that the stakeholder consultation was part of an ongoing effort to strengthen Nigeria’s export sector. “This gathering marks a significant step forward in our commitment to advancing Nigeria’s economic diversification agenda and expanding our nation’s export capacity,” Rimi said, emphasizing the importance of continuous dialogue and cooperation between government and private sector stakeholders.
Rimi further outlined the importance of addressing critical challenges like market access, regulatory bottlenecks, and infrastructural limitations, and urged for a collective effort to navigate these hurdles. “We aim to fine-tune interventions, tackle critical points such as market access, regulatory bottlenecks, and infrastructural constraints, and ensure alignment with global best practices,” he added.
The Comptroller-General of the Nigerian Customs Service (NCS), Adewale Adeniyi, also spoke at the event, commending exporters for their resilience and contributions to Nigeria’s economic development.
Adeniyi highlighted the growth of the Nigerian economy, noting a modest rise in GDP from 3.9% to 4.2%, which he attributed in part to the efforts of Nigerian exporters. He reassured the exporters that NCS would continue to support them in overcoming obstacles in the export sector.
The Commissioner for Commerce, Cooperative, Trade and Investment of Lagos State, Mrs. Folashade Ambrose-Medebem, represented by Permanent Secretary Dr. Olugbemiga Aina, commended the Lagos State government’s dedication to fostering a thriving export ecosystem. “Governor Sanwo-Olu’s administration is not just focused on governance, it has been transformational in focus and strategy, executing plans, programmes, and projects that touch every aspect of life in Lagos,” she noted, referencing the state’s commitment to innovation, infrastructure, and the recently launched Lekki Deep Sea Port.
Director General of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, outlined the council’s ongoing efforts to simplify export processes.
Ayeni revealed that the NEPC had secured approval from the Central Bank of Nigeria to include the CFA Franc in accepted export proceeds and expressed her intention to reduce the excessive paperwork exporters currently face. “We’re working with stakeholders, and with the Honourable Minister’s support, we’ll see significant changes soon,” Ayeni assured.
Meanwhile, Managing Director of the Nigerian Export-Import Bank (NEXIM), Abba Bello, identified financing as one of the most pressing challenges to the growth of Nigeria’s export sector. “Many of the challenges exporters face, from infrastructure to logistics, revolve around financing,” Bello said, urging commercial banks to become more involved in financing non-oil exports. He also called for a shift from exporting raw materials to processed goods, which he believes will significantly boost Nigeria’s export earnings.
In a lively workshop session moderated by Eyitope Oyeneyin of Augmentum Advisory, stakeholders discussed the most impactful government interventions. The Export Expansion Grant, tax exemptions, and NEPC interventions were identified as key tools for boosting export revenues. Oyeniyin shared insights, saying, “The top three government interventions that have been most helpful to exporters, included Export Expansion Grant (44%), Tax Exemption for Importers (22%) and NEPC (17%), followed by the RT200 initiative and dedicated port terminals for exporters.”
Odiri Erewa-Meggison, Chairman of the Manufacturers Association of Nigeria Export Promotion Group, stressed the need for a reliable energy supply for manufacturers and streamlined procedures for repatriation of export proceeds.
Similarly, Dele Oye, a representative of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, called for policies that encourage farmers to increase production to ensure exporters have the necessary supply of goods.
The ministerial consultation, stakeholders note, represents a critical step in forging stronger ties between the public and private sectors, creating actionable strategies for transforming Nigeria into a global leader in exports and ensuring sustainable economic growth for the future.
