Nigeria targets N116.5b non-oil exports to ECOWAS sub-region by 2015

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In Nigeria
Aug 29th, 2014
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Minister of Industry, Trade and Investment Olusegun Aganga has said Nigeria plans to increase its non-oil exports to the Economic Community of West African States (ECOWAS) member-states to N116.5 billion by 2015.

He said this would boost intra-African trade. He spoke at the seventh National Council on Industry, Trade and Investment, in Markurdi, yesterday.

The minister said the Ministry of Industry, Trade and Investment has completed a new national trade policy and strategy, which will integrate the country’s industrial, trade and investment priorities.

Commissioners of Industry, Trade and Investment deliberated on strategies to fast track economic growth through industrialisation, trade and investment

 In a statement, Aganga, who was represented by the Minister of State for Trade and Investment, Dr. Samuel Ortom said: “In the area of trade, I am glad to inform that we have just completed a new National Trade Policy and Strategy, which will soon be presented to the Federal Executive Council for approval.

 ”This is the first time in over ten years that the country’s trade policy has been reviewed. For the first time in Nigeria’s history, we will have a trade policy that integrates with the industrial and investment priorities of the Nigerian people. Nigeria’s priorities for trade will facilitate job creation in Nigeria, and boost exports on non-oil products to new markets.

“Some objectives of our Trade agenda include: to achieve non-oil exports to ECOWAS from the present nine per cent to 20 per cent by 2015, with the ultimate goal of increasing the value of Nigeria’s recorded export to ECOWAS from $276.5 million in 2011 to $706.1 million in 2015; increase recorded non-oil export to other African countries from current three per cent of global export to 10 per cent by 2015, and to increase Nigeria’s non-oil as a proportion of total export from current five per cent in 2011 to 20 per cent by 2015, and 40 per cent in 2020. Also, we are putting structures in place to enable us to penetrate the non-traditional markets with high valued-added export products”.

 The minister said: “We are committed to ensuring our trade commitments work for the Nigerian people, and we have begun to see remarkable progress. The value of non-oil products from Nigeria rose to $2.97 billion in 2013, as compared to $2.561 billion in 2012. The trends this year continue to be strong as well. Increasingly we have also begun to see a pivot in Nigeria’s trade links, towards the Eastern Hemisphere, as Asia plays an increasing role in Nigeria’s economic dynamics.

 ”The Nigerian government has initiated an aggressive diversification through an action plan for accelerated implementation of the Nigerian National Export Strategy and Women in Export Development programme (2012-2015), and Nigeria’s first Diaspora Export Programme, which taps into the vast network of Nigerians around the world.”

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