NECA Summit 2023 To Foster Collaboration On Non-oil Export Value Chain

The Nigeria Employers’ Consultative Association (NECA), in its 2023 Annual Employers’ Summit, will foster collaboration on non-oil export value chain in bolstering the nation’s economy and generating crucial foreign exchange.

The summit, themed: ‘Trade and Non-Oil Export: Changing the Narratives for Rapid National Development’ is scheduled to take place on July 10-11, 2023, at the Abuja Continental Hotel in Abuja.

Renowned keynote speakers, including director-general of the World Trade Organisation(WTO), Dr. Ngozi Okonjo-Iweala; Prof. Benedict O Oramah, and the president of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, are expected to grace the event.

The summit will also be honoured by the presence of president Bola Ahmed Tinubu, as well as the vice president,  Sen. Kashim Shettima, governors, such as; Babajide Olusola Sanwo-olu of Lagos State, Seyi Makinde of Oyo State, Abdullahi Audu Sule of Nasarawa State, and Similanayi Fubara of Rivers State will also be in attendance.

A lineup of influential speakers will contribute their expertise to the summit, including the CEO of the Nigeria Export Promotion Council (NEPC), Dr. Ezra Yakusak, the managing director of the Bank of Industry (BoI), Mr. Olukayode Pitan, managing director of the Nigerian Export-Import Bank (NEXIM), Abubakar Bello, and director general of the African Development Bank Group, Mr. Lamin Barrow, among others.

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The summit aims to achieve several key objectives, including developing strategies to increase the contribution of non-oil exports and foreign earnings, creating awareness of the potential of trade and non-oil exports as a major economic driver, facilitating collaboration and partnership within the trade and non-oil export value chain, promoting a favourable regulatory environment, deepening stakeholders’ awareness of the implications of the African Continental Free Trade Area Agreement (AfCFTA), and showcasing the inherent opportunities for trade and non-oil export within the Nigerian economy.

For decades, the Nigerian economy has heavily relied on revenue from crude oil sales, with oil accounting for over 80% of the country’s revenue and foreign exchange earnings. However, this heavy dependence leaves the economy vulnerable to external shocks. The summit seeks to address this issue by emphasising the potential of non-oil sectors in driving sustainable economic growth.

Export trade, in particular, plays a vital role in improving foreign exchange earnings, strengthening the balance of payments, creating employment opportunities, and increasing government revenue through taxes and tariffs.

The summit promises to be a platform for fruitful discussions, collaboration, and the formulation of strategies to harness the gains from non-oil exports. With a clear roadmap towards diversification, Nigeria can pave the way for rapid national development, greater economic resilience, and sustained growth