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Stakeholders in the non-oil export ecosystem have advised the Federal Government to boost the country’s export so as to increase the meagre N1.8 trillion earnings from the global share of $10.34 trillion.
The stakeholders gave the advice at the 3rd National Conference on Non-oil Export organised to proffer and realign strategies to enhance Nigeria’s economy and drive sustainable economic development.
The overarching submission of dignitaries was the same with Dr. Oduwole and the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye Esq., emphasising the urgency for Nigeria to put action behind words by making significant investments in the non-oil export sector.
Oye noted that with non-oil exports earning a mere N1.8 trillion out of the world total of $10.34 trillion in non-oil export proceeds, Nigeria was standing at a pivotal point of need to embark on strategic changes which would significantly enhance its export potential.
According to him, “the disparity between Nigeria’s non-oil export earnings and that of other countries, the world over, is stark. For instance, Brazil, which has a population only slightly larger than Nigeria’s, generated $6.3 billion in a single month from just three commodities: sugar, soybeans, and maize.
“In a single year (2019), Netherlands generated $721 billion in agric products export alone. United Arab Emirates, despite being the 6th World oil rich nation (with 113 billion barrels in reserve) surpassed $380 billion revenue from oil foreign trade.
Norway in 2022 earned over $18 billion from non-oil export showcasing the strength and importance of diversification using the sector.
For Africa, in 2022, Cote d’ Ivoire cornered $4.8 billion, Ghana tapped $1.8 billion, while Nigeria attracted a distant $669,988 from Cocoa beans export.”
Oye further stated: “In further contrast, Nigeria’s total non-oil export earnings for first nine months of 2024, amounted to just $2.4 billion, showcasing a pressing need for intervention.
“When comparing Nigeria to other African nations, like Kenya and Ghana, the disparity becomes even clearer. Kenya has successfully leveraged its agricultural sector to diversify exports, earning considerable revenue from tea, horticulture, and coffee.
Ghana, primarily known for cocoa, has also started adding value to its agricultural products, leading to increased earnings.
For Nigeria to emulate these successes, it must address key challenges and undertake meaningful reforms.” The NEPC conference also provided a platform for discussing actionable strategies to bolster Nigeria’s non-oil export sector.
One of the conference’s emphasis was the need for increased value addition in agricultural products for export. Most often Nigeria exports raw materials at low prices, which undermines its potential.
Establishing processing facilities for crops will elevate their market value, similar to what countries like Kenya have done with flowers and fruits. Value added products are not only competitive at international market place, they also attract premium prices.
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