Nigeria’s trade balance has risen to N6.5 trillion as of the second quarter of 2024.
Vice President Kashim Shettima disclosed this at the 3rd National Conference on Non-Oil Export organised by the Nigerian Export Promotion Council (NEPC) with the theme: “Promoting Non-Oil Export for Rapid National Economic Growth,” held in Abuja on Tuesday.
He stated that efforts to maximise economic opportunities ensured exports accounted for 60.89 per cent, or N19.42 trillion, of total trade, representing a slight increase of 1.31 per cent from N19.17 trillion in the first quarter of 2024, and a 201.76 per cent rise from N6.44 trillion in the second quarter of 2023.
The vice president who was represented by his Deputy Chief of Staff, Senator Ibrahim Hadejia, attributed the increase to trade facilitation programmes implemented by the current administration.
Despite this achievement, Shettima stressed that Nigeria must not become a dumping ground for substandard goods rejected by other countries.
He highlighted how Nigeria and Africa can maximise the vast economic opportunities available in the global market.
Addressing Nigeria’s need to improve its trade balance and reduce reliance on oil and gas, Shettima explained that “for Nigeria to improve its trade balance, effective implementation of the country’s trade policy is essential.”
According to him, “With the trade policy, we aim to significantly increase the contribution of the trade sector to GDP and grow Nigeria’s share of global trade. It is encouraging to report that Nigeria’s total external trade achieved a surplus of N6.5tn in Q2 2024, with exports comprising 60.89 per cent, or N19.42tn—marking a 1.31 per cent rise from Q1 and a 201.76 per cent increase from Q2 2023.”
He further noted that in the current global economy, trade is vital for prosperity. From extractive industries and agriculture to e-commerce and the creative industries, trade provides ample opportunities for growth.
“For instance, global trade is projected to reach $32tn by the end of 2024.The question we should ask is how Nigeria and Africa can fully capitalise on these enormous opportunities,” he stated.
Sthe vice president further pledged that the Federal Government would reform regulations to enhance seamless trade and facilitate business operations, especially for micro, small, and medium enterprises (MSMEs).
“With Nigeria’s participation in the African Continental Free Trade Agreement, which opens access to a market of 1.4 billion, relevant stakeholders must help Nigerian entrepreneurs overcome challenges to maximise AfCFTA opportunities. Nigeria cannot afford to be a dumping ground for substandard goods,” he cautioned.
Shettima added that economic diversification remains a top priority for the administration, aiming to reduce reliance on oil and gas by promoting value-added manufactured exports.
“This administration is committed to positioning Nigeria as an economic force by fostering policies that promote locally made products, enhance market access, increase competitiveness in international markets, and stimulate job creation.”
Shettima reaffirmed Nigeria’s commitment to strengthening trade and investment opportunities through bilateral and multilateral trade agreements.
NEPC Executive Director/CEO Nonye Ayeni noted that non-oil exports had risen by 6.7 per cent.
She pointed out the council’s efforts to improve market access, reduce export costs, and minimise logistics issues for exporters.
“We are focused on creating market access, reducing export costs, and streamlining logistics,” she said.
Ayeni also explained that NEPC has formed strategic partnerships with agencies like Customs, the Nigerian Ports Authority, and the Nigerian Agricultural Quarantine Service to streamline export processes, allowing goods to reach ports without delay.
She clarified that NEPC, in addressing product rejections, has partnered with the World Trade Organization and International Trade Centre to improve the quality of key non-oil exports.
