Tinubu’s trade policy yielding result as trade balance hit N6.5trn – Shettima

Vice-President Kashim Shettima says the Federal Government’s ongoing efforts to strengthen the country’s trade sector is showing promising results, as Nigeria recorded N6.5 trillion trade balance in second quarter of 2024.

Shettima, represented by George Akume, Secretary to the Government of the Federation (SGF), said this at the 3rd National Conference on Non-oil Export on Tuesday in Abuja.

newsverge reports that the conference was organised by the Nigerian Export Promotion Council (NEPC).

The theme of the conference was, “Promoting Non-Oil Export for Rapid National Economic Growth”.

The vice-president, said that the recently implemented trade policy aimed to increase the non-oil sector’s contribution to Gross Domestic Product (GDP) and enhance Nigeria’s position in global trade.

“For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s trade policy.

“With the policy, we intend to substantially increase the contribution of the trade sector to GDP and increase Nigeria’s share of global trade.

“It is encouraging to state here that the country’s total external trade recorded a favorable trade balance of N6.5 trillion in the second quarter of 2024,” he said.

According to him, exports accounted for 60.89 per cent of total trade, which amounted to N19.42 trillion.

He said that it represented a marginal increase of 1.31 per cent compared to N19.17 trillion in the first quarter, and a 201.76 per cent rise over N6.44 trillion in the second quarter of 2023.

Shettima expressed the government’s commitment to diversifying the economy and reducing its dependence on oil.

He also reiterated the commitment to streamlining regulatory frameworks to improve the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs).

According to him, removing obstacles to trade is key to empowering small businesses and strengthening Nigeria’s position in the global market.

While reiterating the importance for Nigeria to seize the opportunities provided by the African Continental Free Trade Agreement (AfCFTA), Shettima cautioned against the country being a dumping ground.

He called for action form both public and private sectors to address challenges in maximising Nigeria’s trade potential.

Earlier, the Executive Director of NEPC, Mrs Nonye Ayeni, attributed the growth of Nigeria’s non-oil export earnings to the policy strides of President Tinubu.

According to Ayeni, the country’s non-oil export earnings increased by 6.26 per cent in the first half of 2024, reaching a total of 2.7 billion dollars.

“Under the Renewed Hope Agenda of President Bola Tinubu, significant strides have been made towards diversifying the Nigerian economy away from oil.

“This is reflected in the 6.26 per cent increase in Nigeria’s non-oil export earnings, which amounts to 2.7 billion dollars in the first half of 2024,” Ayeni said.

She said the growth was made possible by the concerted efforts of various stakeholders, the NEPC, and the administration’s commitment to driving industrialisation, digitisation, and manufacturing as part of its broader economic reform agenda.

She also highlighted the NEPC’s flagship initiative, “Operation Double Your Export”, which aimed to significantly increase Nigeria’s non-oil exports by promoting key sectors such as agriculture, solid minerals, and manufactured goods.

The NEPC boss said that the country’s vast resources, both human and natural, had immense potential to contribute to Nigeria’s economic growth through non-oil exports.

According to her, through targeted initiatives and collaboration with stakeholders, Nigeria can unlock these opportunities to build a more resilient and diversified economy.

“Through such initiatives, we are not only increasing exports but also creating jobs, boosting innovation, and ensuring sustainable economic growth.

“The NEPC has also introduced various programmes aimed at improving Nigeria’s competitiveness in global markets.

“These include export certification for Nigerian businesses, the establishment of domestic export warehouses to ease logistics challenges, and efforts to reduce the volume of export rejects,” she said.

Newsverge reports that the the conference, which was focused on exploring opportunities for expanding Nigeria’s non-oil export base, brought together policymakers, industry leaders, and export stakeholders.

It aims to provide a platform for stakeholders to discuss challenges and opportunities within the non-oil export sector, and chart a path toward further diversification of Nigeria’s economy.