The Federal Government has committed to addressing the persistent challenges faced by exporters in Nigeria, especially those related to overlapping duties and bureaucratic inefficiencies that increase operational costs.
Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, made this pledge during a ministerial consultation with the top 100 exporters in Lagos on Tuesday, where key stakeholders gathered to discuss obstacles hindering the growth of Nigeria’s export sector.
In her address, Oduwole acknowledged the longstanding issues within regulatory agencies such as the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC), which have caused delays and confusion among manufacturers.
“The challenges, the silos, the miscommunication, and overlapping duties that make things costlier for the private sector are nothing new to me.
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“To not address these issues is to shoot ourselves in the foot and leave value on the table. Mr. President (Bola Tinubu) has given me marching orders, and together with my colleagues, we will deliver this for the Nigerian economy,” he said.
The Minister also highlighted the government’s renewed focus on expanding Nigeria’s export capacity, not only in goods but also in services, particularly digital trade.
“We’re supporting Nigerian exporters of services, which is one of the lowest hanging fruits for allowing Nigerian youth to earn foreign exchange while living in Nigeria,” Oduwole emphasized, adding that Nigeria is poised to become a dominant force in global digital trade.
Additionally, the Director-General of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, addressed exporters’ concerns about the cumbersome paperwork required to open export support accounts, revealing that the NEPC had secured approval from the Central Bank of Nigeria to accept the CFA Franc in export proceeds.
However, Ayeni admitted that exporters are still burdened by as many as 23 documents needed for the Non-Oil Export Support Programme account but assured that steps were being taken to streamline this process with the Minister’s backing.
Abba Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), also underscored the importance of addressing financing challenges.
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He called for greater involvement of commercial banks in funding non-oil exports, pointing out that infrastructure and logistics issues were largely driven by a lack of accessible capital.
“Many of the challenges exporters face, from infrastructure to logistics, revolve around financing,” Bello remarked.
The meeting also saw suggestions from stakeholders on how to increase Nigeria’s non-oil export revenue.
Eyitope Oyeneyin, an expert in trade and advisory, emphasized that government interventions such as the Export Expansion Grant, tax exemptions, and NEPC initiatives were crucial in boosting exports.
Oyeneyin highlighted the need for policy reforms to help exporters overcome barriers, including improved energy supply and better communication from foreign missions.
