Revamping Nigeria’s non-oil export strategy
Data from the Nigerian Export Promotion Council shows the value of Nigeria’s non-oil export revenue dropped 6.3 per cent year-on-year to $4.5 billion in 2023. However, the country registered an increase in export volume recording 6.68 million metric tons of manufactured and semi-processed goods as well as solid minerals and agricultural commodities. Bamidele Ayemibo, CEO of 3T Impex Consulting joins CNBC Africa to discuss Nigeria’s non-oil export strategy.
Mon, 22 Jan 2024 11:57:34 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The importance of shifting focus to value addition in non-oil exports to enhance revenue generation
- Expanding the range of exportable products to meet global demand and reduce rejection rates
- Addressing logistical challenges, streamlining port processes, and tackling informal trade to boost efficiency
Nigeria's non-oil export revenue witnessed a 6.3 per cent year-on-year drop to $4.5 billion in 2023, as reported by the Nigerian Export Promotion Council. However, there was a positive increase in export volume, with the country recording 6.68 million metric tons of manufactured goods, semi-processed goods, solid minerals, and agricultural commodities. Bamidele Ayemibo, the Chief Executive Officer of 3T Impex Consulting, shed light on the intricacies of Nigeria's non-oil export strategy in a recent interview with CNBC Africa. The conversation delved into the need for value addition processes, the expansion of export product categories, and the challenges surrounding informal trade through land borders. Ayemibo emphasized the importance of focusing on higher-value export items, streamlining port processes, and advocating for a special FX window for manufacturers. Let's delve deeper into the key points discussed in the interview.
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