The Federal Government has reiterated its commitment to resolving regulatory and agency conflicts that hinder Nigeria’s export growth. This was disclosed during a stakeholders’ consultation in Lagos, presided over by the Minister of Industry, Trade, and Investment, Jumoke Oduwole.
Key Highlights
Resolving Overlapping Agency Roles
Oduwole acknowledged the adverse impact of overlapping duties between agencies like the Standards Organisation of Nigeria (SON) and NAFDAC, which increase operational costs for exporters.
She stated that President Bola Ahmed Tinubu has mandated the resolution of these inefficiencies to boost export opportunities.
Digital Trade and Youth Empowerment
The minister emphasized the potential of digital trade to empower Nigerian youths, allowing them to earn foreign exchange by exporting services remotely.
Key Outcomes from the Consultation
Export Expansion Grants (EEG): Stakeholders discussed strategies to improve the grant program to support exporters effectively.
Sustainable Energy Solutions: Efforts to integrate sustainable energy into the export ecosystem were explored.
Multi-Use Export Certificate: A proposal to streamline processes and reduce bureaucracy for exporters was introduced.
Market Access and Competitiveness: Addressed barriers to global market access and ways to enhance Nigerian products’ competitiveness internationally.
The consultation reinforced the government’s focus on driving export-led economic growth and strengthening Nigeria’s position in global trade. These reforms aim to unlock the country’s untapped export potential and create a more business-friendly environment for stakeholders.
