Nigeria’s Vice President Kashim Shettima has said that trade facilitation programmes implemented by the Federal Government increased the country’s trade balance to N6.5 trillion in the second quarter of 2024.
The Vice President told the 3rd National Conference on Non-Oil Export organised by the Nigerian Export Promotion Council on Tuesday in Abuja that efforts to maximise economic opportunities ensured that exports to other countries accounted for 60.89 per cent, or equivalent to N19.42tn of total trade, representing a marginal increase of 1.31 per cent to N19.17tn in the first quarter of 2024 and a 201.76 per cent increase from N6.44tn recorded in the second quarter of 2023.
Despite this figure, Shettima stressed that Nigeria cannot afford to be a dumping ground for all sorts of substandard goods rejected in other countries.
The Vice President, represented by the Deputy Chief of Staff, Office of the Vice President, Senator Ibrahim Hadejia, emphasised how Nigeria and Africa can maximize these huge economic opportunities offered by the mere exchange of goods and services in the global market.
Speaking on the need for Nigeria to improve its balance of trade and reduce the over-dependence of the national economy on oil and gas, Shettima explained that “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 trade policy, we intend to substantially increase the contribution of the trade sector to the GDP and increase Nigeria’s share of global trade, it is cheering to state here that the country’s total external trade recorded a trade balance of N6.5tn in the second quarter of the year 2024, out of which exports accounted for 60.89 per cent, or equivalent to N19.42tn, representing a marginal increase of 1.31 per cent compared to N19.17tn in quarter one 2024, and a 201.76 per cent rise over the N6.44tn in the second quarter of 2023.”
“A cursory analysis shows that in today’s global economy, trade is the determining factor for any nation that desires prosperity for its citizenry, the reasons are not far-fetched, from the extractive industries, agriculture, to e-commerce and trading services, particularly the creative industries, the opportunities are there for those who wish to explore it.
“For example, global trade is estimated to reach $32tn by the end of this year, 2024. The question we should be asking is how Nigeria and Africa can maximize these huge economic opportunities offered by the mere exchange of goods and services in the global market,” he said.
According to Shettima, to maximise huge economic opportunities offered by the mere exchange of goods and services in the global market, the Nigerian government will strengthen and reform regulations to enhance seamless trade.
Meanwhile, the National Bureau of Statistics stated that Nigeria’s foreign exchange earnings grew in the second quarter of 2024 based on strong export performance as the foreign trade surplus increased to N6.95tn.
GIK/APA