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FG targets N116.5bn non-oil exports to ECOWAS

By BusinessNews Staff on August 30, 2014

The Federal Government has unfolded plans to increase the country’s non-oil exports to the Economic Community of West African States from $276.5m (N45.62bn) in 2011 to $706.1m (N116.5bn) by 2015.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, disclosed this during the 7th National Council on Industry, Trade and Investment in Markurdi, Benue State on Thursday.

This year’s event brought together all the commissioners of Industry, Trade and Investment from all the states across the country to deliberate on strategies to fast-track inclusive economic growth through industrialisation, trade and investment.

As part of efforts towards increasing the country’s non-oil export sector, the minister said the ministry had completed a new National Trade Policy and Strategy, which would integrate Nigeria’s industrial, trade and investment priorities.

A statement from the ministry quoted Aganga, who was represented by the Minister of State for Trade and Investment, Dr. Samuel Ortom, to have said.

He said, “In the area of trade, I am glad to inform that we have just completed a new National Trade Policy and Strategy, which will soon be presented to the Federal Executive Council for approval.

“This is the first time in over 10 years that the country’s trade policy has been reviewed. For the first time in Nigeria’s history, we will have a trade policy that integrates with the industrial and investment priorities of the Nigerian people. Nigeria’s priorities for trade will facilitate job creation in Nigeria and boost exports of non-oil products to new markets.

“Some objectives of our trade agenda include: to achieve non-oil exports to ECOWAS from the present nine per cent to 20 per cent by 2015, with the ultimate goal of increasing the value of Nigeria’s recorded export to ECOWAS from $276.5m (N45.62bn) in 2011 to $706.1m (N116.5bn) in 2015.”

Aganga also said the government would work towards increasing non-oil exports to other African countries from three per cent of global exports to 10 per cent by 2015.

The minister also said the government would increase Nigeria’s non-oil export as a proportion of total export from the current five per cent in 2011 to 20 per cent by 2015, and 40 per cent in 2020.

“Also, we are putting structures in place to enable us to penetrate the non-traditional markets with high value-added export products,” he added.

He stressed that the Federal Government was committed to diversifying the nation’s economy through policies that would boost domestic and foreign trade, attract more investments across all sectors of the economy and increase the manufacturing sector’s contribution to the Gross Domestic Product.

Aganga said, “We are committed to ensuring our trade commitments work for the Nigerian people and we have begun to see remarkable progress. The value of non-oil products from Nigeria rose to $2.97bn in 2013, as compared to $2.56bn in 2012.

“The trends this year continue to be strong as well. Increasingly, we have also begun to see a pivot in Nigeria’s trade links towards the Eastern Hemisphere, as Asia plays an increasing role in Nigeria’s economic dynamics.”

He said the Federal Government had initiated an aggressive diversification through an action plan for accelerated implementation of the Nigerian National Export Strategy and Women in Export Development Programme (2012-2015).

Speaking during the event, Benue State Governor, Dr. Gabriel Suswan, called on the Federal Government to establish the Warehouse Receipt System in all the six geo-political zones of the country in order to reduce the country’s dependence on the importation of raw materials.

Suswan, who was represented by his deputy, Mr. Steven Lawani, said, “I want the National Council on Industry, Trade and Investment to take advantage of the seventh meeting to evolve measures that will help address the challenges of reducing the nation’s dependence on imported raw materials for our industries.

[Punch]

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