Lagos, Nigeria – The Nigerian Export Promotion Council (NEPC) has urged exporters to seize opportunities within the over $3 trillion African Continental Free Trade Area (AfCFTA) market. This call was made during a recent workshop focused on ‘Positioning SME Exporters to Benefit from the African Continental Free Trade Area Agreement’ on Wednesday.
Mrs. Nonye Ayeni, executive director of the NEPC, emphasized the necessity for Nigerian exporters to diversify their markets, particularly toward Africa, a region ripe for economic growth. The workshop aimed to equip new entrants in the export sector with the tools and information needed to navigate international trade successfully.
Ayeni, represented by Mrs. Bolanle Emmanuel, acting regional coordinator of NEPC South West office, noted that industry training and robust support were essential for onboarding new exporters into formal international trading. This approach includes ensuring data security and expanding business opportunities.
“With ongoing changes in the global economic landscape since President Trump’s administration, the need for Nigeria to refocus its export strategy towards Africa has never been clearer,” Ayeni stated. “Today’s training is a vital step to enlighten our SMEs about the vast potential available.”
Ayeni further encouraged potential exporters to formalize their operations, enabling them to benefit from various NEPC initiatives, such as Export Incentives, Export Market Access Programs, and the Domestic Export Warehouse program. “The future of Nigerian and African trade lies within our hands. We must ensure it leads to shared prosperity and sustainable growth,” Ayeni said.
Mr. Oluwadare Talabi, managing director of Talion Group and a participant in the workshop, called for a greater emphasis on local participation in Nigeria’s export sector. He noted that foreign players, including Indians, Lebanese, and Chinese, currently dominate the trade.
“An increase in the exchange rate, commodity prices, and high-interest rates have rendered Nigerian exports uncompetitive,” Talabi stated. “Inflation is pushing our products out of the market. We need to reduce production and regulatory costs.”
Talabi suggests that regulatory bodies cut unnecessary costs for exporters, enhance logistics, and take measures against the disproportionate influence of foreign exporters on local business. “Local content policies akin to those in the oil and gas sector could significantly boost local exporter participation,” he added.
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