The Federal Government has declared that Nigeria will no longer be used as a dumping ground for substandard items from other countries.
Making the declaration in Abuja yesterday, the Vice President, Kashim Shettima, also said the various reforms initiated by the government had boosted the balance of trade between Nigeria and international partners to N6.9 trillion within the first six months of the year, with exports accounting for 60.89 per cent, translating to N19.42 trillion.
Shettima disclosed these at the 3rd National Conference on Non-Oil Export organised by the Nigerian Export Promotion Council (NEPC). The theme of the event was “Promoting non-oil export for rapid national economic growth.”
According to the VP, government’s efforts to maximise economic opportunities ensured that exports to other countries accounted for 60.89 per cent, or equivalent to N19.42 trillion of total trade, representing a marginal increase of 1.31 per cent to N19.17 trillion in the first quarter of 2024, and a 201.76 per cent increase from N6.44 trillion recorded in the second quarter of 2023.
Notwithstanding the figure, he said the country was under the obligation to protect her territory against being a dumping ground for foreign sub- standards items rejected in other countries.
Represented by the Deputy Chief of Staff, Office of the Vice President, Senator Ibrahim Hadejia, he harped on how Nigeria and Africa could maximise these huge economic opportunities offered by the mere exchange of goods and services in the global market.
“For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s trade policy. With the trade policy, we intend to substantially increase the contribution of the trade sector to the GDP and increase Nigeria’s share of global trade.
“It is cheering to state here that the country’s total external trade recorded a trade balance of N6.5 trillion in the second quarter of the year 2024, out of which exports accounted for 60.89 per cent, or equivalent to N19.42 trillion, representing a marginal increase of 1.31 per cent compared to N19.17 trillion in quarter one 2024, and a 201.76 per cent rise over the N6.44 trillion in the second quarter of 2023.
“A cursory analysis shows that in today’s global economy, trade is the determining factor for any nation that desires prosperity for its citizenry, the reasons are not far-fetched, from the extractive industries, agriculture, to e-commerce and trading services, particularly the creative industries, the opportunities are there for those who wish to explore it.
“For example, global trade is estimated to reach $32 trillion by the end of this year, 2024. The question we should be asking is how Nigeria and Africa can maximise these huge economic opportunities offered by the mere exchange of goods and services in the global market,” he stated.
Shettima further expressed that to maximise huge economic opportunities offered by the mere exchange of goods and services in the global market, the Federal Government would strengthen and reform regulations to enhance seamless trade.
“We intend to strengthen and reform all regulatory frameworks that will not just facilitate seamless trade, but enhance the ease of doing business, particularly for micro, small, and medium entrepreneurs, MSMEs, and business owners.
