Sunday, 3 June 2018

BOI BOSS, OLUKAYODE PITAN, THROWS LIGHT ON WHY NIGERIA LOST N2TRILLION AGRICULTURAL EXPORT MARKET

The value of Nigeria’s agricultural exports would have hit $6.6 billion (about N2 trillion), if she hadn’t failed to sustain the tempo of her agricultural export growth in the 1960s, the Managing Director (MD), Bank of Industry (BoI), Mr. Olukayode Pitan, has said. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

He spoke in Lagos during the second African Food and Products Exhibition organised by the Nigerian-American Chamber of Commerce (NACC). The exhibition had as its theme, “Non-oil exports: Scaling up productivity to meet global demand.”

Pitan said before the discovery of crude oil in commercial quantity, the agric sector contributed about 65 per cent to the Gross Domestic Product (GDP). It was also the major source of revenue and jobs.

Hmmm!!! Folks, let us say the truth and shame the devil. Many Nigerian non-oil products exporters have been defrauded of huge amount of money in the process of exporting agricultural commodities and solid minerals to foreign countries. Do you know why? They were not trained on export operations, management, documentations and the best methods of payment in export trade. This is terrible!!! Nigerians cannot continue to lose money to foreigners in the course of export business. Exporters, would you like to keep on being scammed? Why don’t you get a practical manual that explains the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers? It explains export operations, export management, export documentations and methods of payment in export trade? Yes, it is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on the link below:

The BoI said though the value of Nigeria’s agric export appreciated at over $470 million (about N170 billion), this was less than nine per cent of its potential. According to him, the potential could have been higher if the high agric export growth rate of the 1960s was sustained.

He also stressed the need to treat agric more as a business that would create wealth and empower citizens, adding that agri-business remained a viable option to help Nigeria and, indeed, other African nations to diversify their revenue base, reduce imports, create jobs and develop the rural areas. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

Pitan noted that this has become necessary in view of the fact that global food trade increased by over 50 per cent in the last 10 years, adding that agri-business was becoming much stronger and more focused at the international level.

According to the World Bank, Africa’s agric and agri-business trade is expected to hit $1 trillion by 2030, compared to the current market size of just under $350 billion. This increase, Pitan said, translates to greater prosperity, less hunger and significantly more global trade for Nigeria and African farmers

Pitan said with agric as one of the six sectors identified for growth in the Federal Government’s Economic Recovery and Growth Plan (ERGP), there was need to scale up productivity to help Nigeria become a leading player in both the local and international agric export market. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

The BoI chief maintained that Nigeria was blessed with abundant agricultural resources, fertile soil and an appropriate climate in such a way that the sector would compete favourably in the global agric export market.

He said: “Going by the agriculture export potential, we have the opportunity to be the leading exporter of rice, maize, corn, shrimps and cocoa, which we have in abundant quantities. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Coincidentally, these are some of the most valuable agric products traded globally. It is clear that we have these agric resources and we need to work towards improving the quality and standards of our products not just to match up to global standards, but to surpass them. The major obstacle to achieving this is the lack of access to suitable financing in the sector.”

On how Nigeria can drive economic diversification and boost productivity in the agric sector, Pitan stressed the need to embark on agricultural industrialisation and implement innovative financing models that would cater for the needs of both low-income farmers and high-income processors.

While insisting that there is the need to start looking critically at the whole agric value chain, he said several initiatives had been introduced to boost the agri-business sector of the economy including the Agriculture Promotion Policy (The Green Alternative).

The policy, according to Pitan, was aimed at stimulating effective and sustained economic growth through increased agricultural productivity, food security, production of raw materials and increased foreign exchange earnings through the export of agric produce.

He restated the government’s commitment to revitalising and diversifying the economy by implementing the ERGP. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html “We must establish an economy driven by the private sector and enabled by the government doing its part by way of creating the enabling environment,” Pitan said.

He said to this end, BoI will continue to encourage private sector investments in large-scale food and agro-processing and manufacturing across rural areas, while deploying public funds towards developing integrated rural infrastructure such as transportation networks, power and irrigation. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

Pitan said such interventions had become necessary considering the World Bank’s prediction that the Nigerian population would rise to 391 million in 2050, while the world population would reach nine billion during the same period.

Pitan stressed urgent need for Nigeria to proactively improve agricultural processes, productivity, quality and output, adding that about 65 per cent of the world’s remaining arable land rested on Nigeria’s shores.

He therefore challenged the young generation to take up active roles in the agric sector. He also appealed to financial institutions to provide affordable and innovative financing for various players along the nation’s agric value chain.

NACC National President, Olabintan Famutimi, said the food and products exhibition would promote the development of trade, commerce, and capacity of indigenous businesses. He said the forum attracted over 2,000 attendees across Nigeria, including exhibitors who showcased their products and services. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

Famutimi said the chamber would continue to remind all stakeholders of the need to promote the Micro, Small and Medium Enterprises (MSMEs) and apply international best practices and other relevant frameworks in their operations. He pledged the commitment of the chamber to the full implementation of the African Growth and Opportunity Act (AGOA).  (The Nation)

Have you heard this? Many Nigerian exporters have been defrauded of huge amount of money in the process of exporting commodities to foreign countries. Do you know why? They were not trained on export operations, management, documentations and the best methods of payment in export trade. This is terrible!!! Nigerians cannot continue to lose money to foreigners in the course of export business. Exporters, why don’t you get a practical manual that teaches the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers. It teaches export operations, export management, export documentations and methods of payment in export trade? It is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on the link below:

Hmmm!!! Folks, have you ever imagined how the financial status of your firm will be when more than 20,000 CEOs and other key decision makers of blue-chip corporations pay for your products and services or even give you very juicy deals. The link below will tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html