Latest
NBS data show slow-paced growth in the segment though NEPC is optimistic of a
reversal in trend. From food to apparels and consumer goods, the nation spends
a chunk of its foreign exchange on importing these items to sustain the
economy, with few successes being recorded in local production due to
operational challenges and inertia policies.
Although
developed markets offer an array of opportunities to Nigeria and other
developing economies, very little has been achieved in terms of harnessing such
privileges to increase foreign exchange earnings of the country.
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:
According
to the data provided by the National
Bureau of Statistics (NBS) at the end of the first quarter this year, the
nation’s exports value of N4.69 trillion was dominated by crude oil, though the
proportion of non-crude oil export increased from 17 per cent in the last
quarter to approximately 24 per cent Q1.
Specifically,
total trade of agricultural goods in Q1, 2018 stood at N257.7 billion, in which
exports and imports recorded N73.25 billion and N184.49 billion respectively.
Exports
of agricultural products in the first quarter grew by 63.84 per cent compared
to 44.71 billion recorded in the last quarter of 2017, while imports in the reviewing
quarter decreased by 18.90 per cent compared to N227.50 billion recorded in the
previous quarter.
Agricultural
products in the quarter under review were mainly exported to Asia (N37.8 billion)
and Europe (N32.7 billion). Also, under the revalidated African Growth and
Opportunity Act (AGOA) for African countries by the United States, Nigeria is
yet to take advantage of the scheme due to the quality of exports originating
from the country, suspension of intervention programmes and infrastructural challenges.
Worried
by the slow-paced growth of the non-oil sector, industry stakeholders believe
that operations in the sector need to be re-appraised for efficiency if
government will get the best from the sector.
With
government seeking to improve its earnings from the non-oil sector,
stakeholders in the sector have suggested enhanced capacity building for
exporters and revival of commodity boards to address quality challenges
limiting the growth of the sector.
Leveraging women’s trade capacity to improve
exports
Indeed,
a report by Mckinsey Global Institute
revealed that $28 trillion could be added to global Gross Domestic Product by
2025 by advancing women equality therefore laying credence to the fact that
economic development and gender equality go hand-in-hand.
Acknowledging
this opportunity, the Chief Executive Officer, Nigeria Export Promotion Council
(NEPC), Olusegun Awolowo, stated
that most women cannot compete favourably with their male counterparts in
business except a separate clime is created for them as a result of
multi-dimensional constraints, adding that this was why the scheme was
initiated to help address the constraints.
To
this end, a programme called SHETRADE
that would help women overcome some of the constraints they face at the global
market was developed while a special desk was also created for the realisation
of the initiative.
According
to him, women are the backbone of practically all economies, especially the
informal economy. Therefore Nigeria must join other countries by working
together to boldly make women business enterprises a significant contributor to
the country’s economy and revenue.
Awolowo
however stated that lack of market access has continued to be one of the
greatest constraints to small holder producers around third world countries,
maintaining that deploying the use of information technology would go a long
way to change the face of business transaction with e-commerce occupying a
special place.
Changing the narrative by exploiting commonwealth
markets
While
the strategic effort by the NEPC and
International Trade Centre (ITC) has
been commended, lowering the barriers faced by women entrepreneurs at home and
internationally, and helping more businesswomen to connect to international
value chains, would bolster growth and gender inclusiveness in economic growth.
The
Senior Adviser, Empowerment, International Trade Centre (ITC), Nicholas Schlapher, explained that the
opportunities that abound in the commonwealth market are limitless, pointing
out that ITC would be working across commonwealth countries including Nigeria
to provide solutions on policy issues specifically to help drive women in
business.
According
to him, ITC would be providing technical assistance to Nigeria’s agricultural,
power and service sectors, stressing that agriculture is key to drive economic
growth in Nigeria considering the huge role it plays by contributing over 20
per cent to the Gross Domestic Product (GDP) and employing 45 per cent of the
population.
Speaking
on She Trades, a commonwealth initiative aimed towards creating trade impact
for goods by fostering the inclusive and sustainable development of small and
medium sized enterprises (SMEs), Schlapher stated that the She Trades project
expected to run till March 2020, is aimed at increasing economic growth and job
creation in commonwealth countries by enabling women owned businesses to trade
more.
He
said: “She Trades is our newest project and the reason
we are focusing on commonwealth countries is due to the shared values, the
similar legal systems of institutions within commonwealth countries, there is
really a potential for increasing trade relations and as a result of this, the
cost of doing trade between commonwealth States is approximately 19 per cent
lower than other countries. We are here to support women businesses and to make
them more competitive in international value chains.
“We are going to be working across four countries including Nigeria,
Ghana, Kenya and Bangladesh to support 20,000 women in businesses that will
generate investments to a value of £28 million by 2020. Nigeria is very
fortunate to have Nigeria Export Promotion Council (NEPC) as ITC’s primary
partner.”
He
noted that women’s participation is essential to unlock the potentials of all
countries around the world and to achieve the UN sustainable development goals.
In his words, “Over the last quarter of the century,
trade has moved billions of people out of poverty, but however the benefits of
trade have not been evenly distributed with women left behind. Trade by women
enterprises can drive the economic inclusion of women.
“It is really necessary for us to help women entrepreneurs to
internationalize which would help to drive overall economic growth, job
creation, prosperity and human development.”
He
said overall in Nigeria, there are limits to women’s economic participation
where only about 16 per cent of businesses are owned by women, a figure he said
is a bit less compared to the global average of 38 per cent.
Also,
Awolowo, said in a bid to meet the SDGs on gender equality, the council in collaboration
with the She Trades commonwealth project is partnering to make women businesses
significant contributors to the country’s economy.
He
said the partnership would focus on integrating women into the economic fabric
of Nigeria through connecting them to global trade, stressing that women are
the backbone of all economies.
He
stated that commonwealth states have the unique opportunity to trade lower
costs within the extensive commonwealth network, saying that by leveraging the
commonwealth advantage and the critical link between trade and gender,
commonwealth can position itself at the forefront of promoting sustainable and
inclusive socioeconomic development.
He
observed that Nigerian women supply approximately 70 per cent of agricultural
labour, 50 per cent of animal husbandry related activities and 60 per cent of
food processing, but yet have access to only 20 per cent of available
agricultural resources. (Guardian)
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