Estimated reading time: 4 minutes
In the first quarter of 2018, Nigeria’s contribution of all crude oil and oil-related products to total foreign exchange earnings was 87.7%. Nigeria’s oil and gas sector accounts for more than 90% of its export revenue. However, in terms of their contributions to the GDP from April to May 2018, agriculture, industry, and services made up 22,86%, 23,18%, and 45.41%, respectively. Thus, the non-oil sector provided 91.45 percent of GDP, compared to the oil industry’s 8.55 percent. As a result, even though the service sector is what fuels Nigeria’s GDP, the oil industry continues to dominate the export market. Idris Mamukuyomi of Afriexport is one of the Nigerians who is taking on the job of making it easier for Nigerian producers to export in today’s Nigeria.
Idris Mamukuyomi encourages rebranding through good practice
In an interview with Joadre for our Business Magazine – JoadreTRHIVE which is available at the end of 2022, Idris narrated the difficulties Nigerian producers are facing in getting their product exported outside the country. “I will tell you, it’s not been easy. We have challenges in the area of visibility, which is exacerbated by the fact that many people do not trust Nigerians.” And speaking of a way forward outside of this mess, Idris advised that “we need to also talk to ourselves to not mess things up. We need to talk to people in Nigeria, okay, if you mess things up, these are the repercussions we face. This is what some of us have done that has given us this bad image, now is the time for us to right our wrongs and make Nigeria and whatever we are producing here more attractive. Yes, we have some products that are the best in the whole world.”
Nigerian needs an intensive export promotion, says Afriexport
Idris is saying, nonetheless, that the government appoints competent and experienced personnel to manage export promotion efforts without regard to politics. “I will suggest the government, through NEPC (Nigerian Export Promotion Council), to also take up some other work, not only within the country but even outside. How? By attending some other international conferences, making themselves available to speak about the country. I used to tell them, look, it doesn’t have to be politics at all times. Let us appoint people who have the capability of looking for markets/conferences or anything that has to do with Nigerian products. Making themselves available to liaise with commerce outside of our country to canvass more for African products. As a result, those exporting will have greater access.”
Making Afriexporter a one-stop shop for the world for anything African ExportIdris Mamukuyomi
Idris says the primary objective of Afriexport is “we want to make Afriexporter a one-stop shop for the world for anything African and also create a cross-regional relationship in terms of trade very soon. We’re also dreaming of having a blockchain for Afriexporter” he added that “We need partners that will be able to invest in our projects. Partners that will be able to support trade promotions, and assist us in empowering the SMEs, most especially during our conferences. We are having one in Southern Africa next month and in the following months we should host our annual event in Lagos Nigeria, October, 2022”
It is time for Nigeria to diversify its exports
It is undoubtedly time for Nigeria to diversify its exports beyond just those tied to oil. In order to accomplish these goals, distorted factors of both an economic and non-economic nature must be eliminated for export promotion and diversification initiatives to be beneficial for economic growth. Promotion of exports should emphasise manufactured goods in addition to primary production.
Link to afriexporter: https://afriexporter.com
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