Unleashing Nigeria’s Export Potential

Exporting Local Products: The Growing Market and Nigeria’s Potential

The Customs Area Controller at Tin Can Island, Lagos State Command of the Nigeria Customs Service (NCS), Comptroller Dera Nnadi, has emphasized the thriving nature of local product exports. Nnadi highlighted the significant demand for plastic goods in neighboring regions facilitated through land borders. He expressed the assurance that with proper cooperation between the public and private sectors, exportation might surpass imports in due time.

Nnadi also expressed concern over the underreporting of Nigerian product exports by the local press, attributing this oversight to the media’s predominant focus on imports, which he believed contributed to an unfavorable trade balance.

Reflecting on his experience, he mentioned the daily sight of numerous trucks queued up at the corridor, transporting locally manufactured goods from Nigeria to neighboring countries.

Beyond plastic exports through border posts, Nnadi emphasized the significant export of foodstuffs, particularly perishable items like vegetables and fruits, through the nation’s airports to the diaspora. He highlighted the increasing demand for Nigerian tobacco abroad and underscored the potential for exports to fortify the Naira against the Dollar, indicating the country’s currency competitiveness in global markets.

Encouraging shippers to enhance their capabilities in product packaging and processing, Nnadi emphasized the potential for growth in the export sector. He urged stakeholders to focus on expanding their capacities, ultimately contributing to a more balanced trade and fostering a stronger export market.

The Chartered Institute of Logistics and Transport in Nigeria has also called on the Federal Government to implement the African Free Trade Agreement. The President of the institute, Mfon Usoro, highlighted the solutions to tackle transport and logistics challenges and emphasized the need to design the future of transportation and logistics in Africa.

A report revealed that the Federal Government lost an estimated $16 trillion to natural gas flaring in the past 10 years. This situation underscores the urgency to address gas flaring and move towards sustainable and environmentally friendly energy practices. The need for efficient management of natural resources and a reduction in gas flaring is crucial for economic development and environmental conservation.

The Federal Government has expressed readiness to restore the production of the Oil Prospecting Licence (OPL) 245, also known as Malabu Oil Well, to boost Nigeria’s crude oil output. This presents an opportunity for Nigeria to maximize its resources and contribute to global energy security.

In the face of these developments, it is imperative for Nigeria to focus on sustainable practices in energy production, transportation, and trade. By prioritizing the export of local products and implementing international trade agreements, Nigeria can enhance its position in the global market and contribute to economic growth and development.