Recent developments in the global market and local oil sector have heightened the need for Nigeria to diversify its economy away from oil. Exports help improve foreign exchange, create employment opportunities, engender wealth creation and sustainable poverty reduction.
Launched in 2016, the EMP is a sector focused capacity building programme run by Fidelity Bank in partnership with the Lagos Business School (LBS), to deliver impactful, world-class export management education to aspiring and existing players in the non-oil export sector of the Nigerian economy. The programme, which prepares participants for effective play in the international non-oil export markets and the larger export markets in general, has continued to raise the bar of capacity building in exports in Nigeria.
The crisis of the past four years reconfirms the vulnerability of the Nigerian economy to oil. It underscores the need for Nigeria to look outward, diversifying its export base away from the volatile commodity if the country is to win its battles against poverty and inequality.
Nigeria exported N85.9bn worth of agricultural produce to countries outside Africa in a three month period, covering April to June this year. Figures obtained from the National Bureau of Statistics for the sector showed that the country recorded a total trade of N310.4bn from agric produce within the period under review.
Recently calculated total exports to Nigeria from China amounted to about $75 billion while on the Nigerian side, total export to China was about $9.6 billion. This took the total trade volume between the two countries, as at July this year, to about $85 billion.
The Nigerian Export Promotion Council (NEPC) has announced plans to review Nigeria’s export regulations to drive the nation’s non-oil export.
For over three decades, oil exports have remained the main foreign exchange earner for Nigeria. However, recent developments in the global market and local oil sector have heightened the need for Nigeria to diversify its economy away from oil. Boosting non-oil exports and building strong and sustainable export capability is now at the heart of Nigeria’s diversification strategy. Exporting not only improves foreign exchange revenue, but countries most successful in export have stronger link to wealth creation, employment generation and sustainable poverty reduction.