Members of the Organized Private Sector (OPS) in Nigeria have intensified their demand for the formulation of policies aimed at establishing a clear roadmap for non-oil exports and non-traditional tradable goods and services. The OPS emphasized that developing a comprehensive policy framework, supported by relevant laws and regulations, is crucial for promoting employment generation, foreign exchange earnings, and investments in non-oil exports, particularly in the agricultural sector.
These calls were made during the second edition of the Nigeria Employers summit held in Abuja, which focused on the theme of “Trade and non-oil export: Changing the narrative for rapid national development.” The OPS highlighted the urgent need for the government to diversify its revenue base and stimulate economic growth in light of the current fiscal challenges. They emphasized that boosting trade and non-oil exports would contribute significantly to bolstering the country’s foreign exchange reserves.
Lamin Barrow, the Director-General of the African Development Bank’s Nigeria Country Department, highlighted the disparity between Nigeria and its middle-income peers in Africa in terms of exports of goods and services as a percentage of GDP. Nigeria’s exports accounted for only 10.7 percent of its GDP, which is considerably lower compared to countries like South Africa (31.2 percent), Mauritius (44 percent), Botswana (44.6 percent), Tunisia (42.1 percent), and Angola (44.3 percent).
To address this imbalance, the OPS stressed the importance of implementing a policy roadmap that supports and encourages non-oil exports. Such a roadmap would provide a strategic framework for diversifying Nigeria’s export base and creating a more robust economy. By prioritizing non-oil sectors, especially agriculture, Nigeria can tap into its vast potential and enhance its position in the global market.
The OPS called for a collaborative effort between the government, private sector stakeholders, and relevant institutions to develop policies that facilitate the growth of non-oil exports. They emphasized the need for supportive regulatory frameworks, access to finance, capacity building programs, and market access facilitation to ensure the success of non-oil export initiatives.
By strengthening the non-oil export sector, Nigeria can generate employment opportunities, increase foreign exchange earnings, and attract investments. This, in turn, will contribute to sustainable economic development and reduce the country’s dependence on oil revenue.
The OPS’s advocacy for a policy roadmap aligns with the government’s efforts to diversify the economy and reduce reliance on oil exports. It underscores the importance of a holistic approach that encompasses favorable policies, infrastructure development, and an enabling business environment to drive non-oil export growth.
As Nigeria strives for rapid national development, the formulation and implementation of a well-defined policy roadmap for non-oil exports will play a pivotal role in transforming the country’s economic landscape, fostering inclusive growth, and positioning Nigeria as a competitive player in the global trade arena.