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  • Nigerian Export: NCEP targeting $28.8bn on 10 products annually

    Nov 16th, 2017

    THE National Committee on Export Promotion (NCEP) in a bid to ease the dependence of Nigeria on crude oil as a major source of foreign earning has selected ten (10) products under its implementation framework targeting export value of over $28.8 billion annually.In his presentation on Thursday in Abuja, a Member of the Committee and Executive Director of Nigerian Export Promotion Council (NEPC), Segun Awolowo highlighted 10 products under category A’ of the Committee’s implementation framework in expanding the country’s export capacity. Awolowo stated that soya beans, and soya beans meals and oil will generate over $5 billion for the country annually, while cotton and yam will generate $2 billion. He said the country will earned foreign exchange of $18 billion from palm oil, $1.3 billion from rice, $1 billion from hides and leather, $1.3 from rubber, $2 billion from cocoa (beans, paste, butter, power), $2 billion from gold, $2 billion from nitrogenous fertilizer and ammonia, $3 billion sugar (raw, cane, and confectionery) and $7.5 billion from petrochemicals and methanol.

    He said category B of the implementation framework which is total “Zero Oil” is targeting cement and clinkers, tomato (fresh and partly processed), banana and plantain, oranges, cashew, cassava, sesame, spices, ginger shea butter, and cowpea. Awolowo however noted that “poor development of a strategic relationship with large foreign buyers, insufficient ties between diplomatic agenda and Nigeria’s export or market access agenda” are some of the challenges currently confronting the country’s export efficiency.He stated further that, “insufficient tools to generate valid orders from international buyers for local companies, administrative procedures in the export process, weak traceability mechanism to track production of goods (especially bulk goods) to initial source” among others are the key issues hindering Nigerian products from export.

    He said the Committee is planning on “volume targets and outline support needed by States, MDA, and private sector to meet the target in each sector. Streamline export procedures and documentation from farm gates to shipment in line with the Executive Order on the Ease of Doing Business. Identify existing domestic investors and engagement plan for output”.“Establish a limited liability company, the ‘Export Trading Company’ of Nigeria with a view to expanding the volume of export transactions and export trade operation. And explore seed funding options for a company with MoFI, CBN, and SWF” adding that, the plan will provide 5-year financial envelope on the Export Expansion Grant (EEG).

    The Chairman of the Committee and Governor of Jigawa state, Mohammed Abubakar said the Committee is talking with the Commissioners of agriculture in all the states of the federation to create special intervention fund for agriculture in their states. “We have to fund agriculture in order to get the quality of products that are competitive in the global market. We want quality improvement right on the farm so as to ensure we don’t have a quality disadvantage when we get to the international market” he noted. This is the second meeting of the Committee since inauguration few months ago by the National Economic Council (NEC).