24th Sep, 2019 @ 18:35 PM

NEXIM: Nigeria at great loss because of non-oil exports


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Mr Abubakar Bello, The Managing Director/Chief Executive Officer, Nigeria Export-Import Bank, ably represented, Mr Tayo Omidigi, Head of Research NEXIM in a key note speech at a finance conference in Lagos had revealed that Nigeria has lost about ₦3.6trillion which approximates $10billion over the five decades in non-oil export opportunities in  cash crops alone.

Abubakar Bello

The Managing Director said;

It has been observed that Nigeria lost about $10bn export opportunities in crops like cocoa, oil palm, cotton and groundnut alone.

In spite of the corrective measures over the years, the imbalance in our export trade has persisted with the non-oil sector now accounting for just about 5% to 7% of Nigeria's exports by value

Speaking on the conference’s theme, ‘Unlocking opportunities in Nigeria’s non-oil sector,' Mr Bello observed that Nigeria's non-oil export only account for just 13.17% of Nigeria's export by value, from up to 97% at independence.

He stressed, “In the immediate post-independence period, non-oil exports, which were mainly agricultural commodities and solid minerals, made up 97% of Nigeria’s exports.

NEXIM: Nigeria at great loss because of non-oil exports

Crops like cocoa, cotton, palm oil, palm kernel, groundnut and rubber were major export commodities.

However, between 1970 and 1974, non-oil exports dropped from 43% to 7% due to rapid increase in the international oil price and Nigeria’s production.

The ensuing Dutch Disease led to movement of resources out of the non-oil sector, contributing to its neglect and lack of investments in the erstwhile export sectors, particularly value-added export.

The figures from 2014 to 2017 have been below global average of exports to GDP of about 30%, according to World Bank data.

Conclusively, Mr. Bello identified some of the challenges facing the non-oil sector as policy constraints, operational issues, dearth of efficient multimodal logical system as well as quality and standardization problems.



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