Stakeholders Call for Increased Intra-regional Trade

By James Emejo and Folalumi Alaran

The Network of Practicing Non-oil Exporters of Nigeria (NPNEN) have urged the federal government to embark on an aggressive drive to strengthen intra-regional trade in Africa to effectively diversify the

economy.

The exporters further maintained that to enhance trade and boost Gross Domestic Product (GDP), investment in non- oil export activities must be taken seriously.
Speaking during a virtual engagement of the group, with the theme: “Exporting form Nigeria: The Goo, the Bad and the Ugly,” the stakeholders pointed out that the government could only create employment and boost the country’s foreign reserve as well as increase wealth creation by intensifying efforts to promote non-oil exports by removing all existing limitations.

They argued that this was particularly crucial for poverty alleviation and economic recovery.

In his presentation at the meeting, Lead Consultant at 3T Impex Trade Academ, Mr. Bamidele Ayemibo, identified some of the products with export potentias for Nigeria under the African Continental Free Trade Area Agreement (AfCFTA) to include rice, palm oil, raw sugar, petrol, cement, soy beans, furniture and corn, plastic pipes, seat, tea, toilet paper, processed fish, dried legumes, beauty products and raw tobacco.

Others are soap, hard liquour, baked goods, leather footwear, wheat flours and batteries, glass bottle, beer, onions, salt, egg, coconut oil, fermented milk, water and meat among others.

He said these products have the potentials to generate huge foreign exchange for the country amidst the current fiscal constraints and pressure on external reserves.

Ayemibo, however, noted that internal barriers in the areas of product, price, distribution, logistics and promotion must be addressed going forward.

Also, he pointed out that external constraints in terms of procedural, governmental, economic, political-legal bottlenecks as well as socio-cultural concerns remained huge limitations that the government must tackle.

He said the government should as a matter of great concern address the existing infrastructural challenges to pave the way for the development of the sector.

The stakeholders, particular agreed that standard of products should be improved upon so that export from Nigeria could compete favourably with products from other member countries under the AfCFTA as well as against major economies of the world.