Nigerians Exports $40bn Worth Of Goods Unofficially Per Annum - NEPC

Nigeria exports goods valued at $40bn informally every year, according to the Nigerian Export Promotion Council (NEPC) PUNCH reports.

The Executive Director and the Chief Executive Officer of the NEPC, Mr. Segun Awolowo, stated this in Lagos on Friday during a visit to the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Chief Alaba Lawson.

According to him, the council had earlier put such trade as $8bn yearly, but going by the calculation of the International Trade Centre in Geneva, goods worth over $40bn were informally exported.

Awolowo worried that this informal trade did not reflect on the economy and sought the NACCIMA’s collaboration to formalise the trade.

He said, “We want to work with NACCIMA to formalise this informal trade. We have to work with your chambers in all the states of the federation. We have to give these small business owners incentives that will make it better for them to do business.”

According to him, in order to aid small businesses, the Federal Government has introduced the Export Development Fund, a pre-shipment incentive that will help start-ups to grow and export.

Awolowo said the council had concluded plans to organise buyers market all over the world for Nigerian products.

He also sought NACCIMA’s collaboration in driving the zero oil plan, an initiative that would make Nigeria survive in a world economy without selling oil.

“We have 11 non-oil sectors where we can earn foreign exchange and one of them is the petrochemical sector, which is a $150bn global market,” he added.

“Nigeria is not playing in this market because it is importing; but we are a petrol economy and that is where the paradox lies.”





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