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
this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Considering that crude oil
generates about 90% of Nigeria’s foreign exchange earning – which has been so
for decades – this data provides an interesting perspective to not only the
country’s undoubted capacity to improve its foreign exchange earnings through
non-oil exports, but also to improve the Nigerian economy in general.
For instance, one of the non-oil
export products that generated the most revenue in 2020 is finished leather.
According to a study carried out by the Nigerian
Economic Summit Group (NESG), the Nigerian leather industry has the
potential to increase its earnings by 70% and generate over $1bn by 2025. With
the current exchange rate, that’s over N400bn from just one product.
During the formal launch and
sensitisation workshop on the National Leather and Leather Products Policy
Implementation Plan in Abuja, Vice President, Professor Yemi Osinbajo, noted
that, “Today, Nigeria’s semi-finished and finished
leather have their highest patronage in Italy, Spain, India, South Asia and
China. Shoes, belts, bags and folders are largely traded in West Africa and the
rest of Africa.” It goes without saying that if properly harnessed and
maximised, the potential of non-oil exports to stimulating the growth of the
Nigerian economy is great indeed.
This is why the Federal
Government’s implementation of the N50bn Export Expansion Facility Programme, a
scheme under its Economic Sustainability Plan, is one to be commended.
According to its objectives, the
EEFP will focus on driving economic growth through exports. The EEFP focuses on
cushioning the effects of the COVID-19 pandemic on non-oil export businesses
thereby safeguarding and creating new jobs, as well as accelerating growth of
non-oil sector to effectively diversify the economy.
In the same vein, its primary
goal is to increase Nigeria’s export capacity in the near term and its export
volumes in the medium term, while also targeted at providing support to
exporters, particularly Micro, Small and Medium Entrepreneurs.
The NEPC noted that the “EEFP strategic goal is: To provide key support mechanisms
and incentives to enhance the quality of exporters that can easily penetrate
the global market with competitive products that have globally acceptable
certifications and meet required standards.” In March, the Minister of
Industry, Trade and Investment, Otunba
Niyi Adebayo, officially inaugurated the EEFP and launched the first online
Grant Management Portal for non-oil exports. The online portal is supported by
the EEFP and all applications for the Export Development Fund will be processed
through the system. The portal will be for exporters to register for grants as
direct intervention from the Federal Government with the objective of providing
financial assistance to exporting companies to cover part of their initial
expenses with respect to export promotion activities.
The minister noted that the
EEFP’s goals include “to save jobs, create jobs,
support resilience in shoring up foreign exchange, diversification,
modernisation of Nigeria’s economy and acceleration of economic growth and
economic support.” This definitely sounds like music to the ears of
MSMEs and other stakeholders in the non-oil exports sector. But for many, the
key lies in its implementation. The EEFP is being implemented by the NEPC,
while the Federal Ministry of Industry, Trade and Investment is the supervisory
body over the agency and its operations.
The NEPC is the Federal
Government’s apex institution for the promotion, development and
diversification of exports. Its mandate includes the coordination and harmonization
of export development and promotion activities in Nigeria, taking the lead in
national export programmes, and working with international trade agencies on
cooperation and capacity building.
Highlighting the focus areas of
the EEFP, the Executive Director and Chief Executive Officer of the NEPC, Olusegun Awolowo, said the agency will
apply the use of technology through the Grant Management Portal to “equalise opportunities to achieve inclusive economic growth
through non-oil exports.” What Awolowo was referring to is the Export Expansion Grant, which alongside
the Export Development Fund, are
export incentives introduced by the Federal Government through the Export
(Incentives and Miscellaneous Provisions) Act (amended in 1992) to stimulate
non-oil exports. The scheme was suspended in 2014 to ensure a review and
redesign in order to prevent abuse and ensure that the scheme is fit for
purpose, according to a PWC document.
Many Nigerians are hopeful that
with the EEFP initiative, it will indeed usher in a new frontier for the
country’s economic growth through non-oil exports. For Nigeria especially,
regarded as Africa’s largest economy, this can only be good news for its drive
towards boosting its non-oil exports.
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