The Federal Government has revealed that trade facilitation programmes under the current administration have significantly improved Nigeria’s trade balance, reaching N6.5tn in the second quarter of 2024. This achievement was driven by efforts to harness economic opportunities, with exports accounting for 60.89% (N19.42tn) of total trade, reflecting a 1.31% increase from the first quarter of 2024 and a remarkable 201.76% rise compared to the same period in 2023.
Vice President Kashim Shettima made the announcement during the 3rd National Conference on Non-Oil Export, organised by the Nigerian Export Promotion Council (NEPC) in Abuja on Tuesday. The event, themed “Promoting Non-Oil Export for Rapid National Economic Growth,” highlighted the country’s growing export performance.
According to the National Bureau of Statistics, Nigeria’s foreign exchange earnings saw notable growth in Q2 2024, contributing to a trade surplus of N6.95tn, spurred by strong export performance.
Vice President Shettima emphasized the critical role of effective trade policy in improving Nigeria’s trade balance and reducing its dependency on oil and gas. “For Nigeria to improve its trade balance, effective implementation of the country’s trade policy is essential,” he said, adding that the policy aims to boost the trade sector’s contribution to GDP and expand Nigeria’s share of global trade. He also noted that exports represented a substantial 60.89% of total trade in Q2 2024, marking a significant rise in both quarter-to-quarter and year-on-year performance.
Shettima further underlined the importance of trade for economic prosperity in the global economy, highlighting opportunities across various sectors such as agriculture, e-commerce, extractive industries, and the creative sectors. He also referred to global trade projections of $32tn by the end of 2024, stressing the need for Nigeria and Africa to fully capitalize on these opportunities.
The Vice President reaffirmed the government’s commitment to enhancing trade and business operations by reforming regulations, particularly to support micro, small, and medium enterprises (MSMEs). He also called for Nigerian entrepreneurs to leverage the African Continental Free Trade Agreement (AfCFTA), which grants access to a market of 1.4 billion people, while urging stakeholders to ensure Nigeria is not a dumping ground for substandard goods.
Shettima emphasized that economic diversification is a priority for the administration, with a focus on reducing reliance on oil and gas by promoting value-added manufactured exports. He reiterated the government’s commitment to strengthening Nigeria’s position as a global economic force by fostering policies that support locally made products, improve market access, and stimulate job creation.
In her welcome address, NEPC Executive Director/CEO Nonye Ayeni reported a 6.7% increase in non-oil exports. She highlighted the council’s efforts to improve market access, reduce export costs, and streamline logistics for exporters. NEPC has also partnered with key agencies, including Customs, the Nigerian Ports Authority, and the Nigerian Agricultural Quarantine Service, to eliminate export delays and improve processes.
Ayeni also noted that NEPC is addressing product quality challenges by collaborating with the World Trade Organization (WTO) and International Trade Centre (ITC) to ensure that Nigeria’s non-oil exports meet international standards.
The conference, which brought together key stakeholders in the export sector, aimed to explore emerging issues in non-oil exports and provide a roadmap for boosting export levels, contributing to the diversification of Nigeria’s revenue base for sustainable economic growth.
