The Nigerian Export Promotion Council (NEPC), and the Nigeria-Chamber of Commerce have partnered to increase the level of trade of Nigerian non-oil exports to the United States (US).
In a courtesy visit by the NEPC management to the Nigeria Chamber of Commerce in Lagos, yesterday, the executive director and chief executive officer of NEPC, Mr. Segun Awolowo, stated that the council was exploring opportunities to increase the country’s volume of trade through the African Growth and Opportunity Act (AGOA).
He noted that there was still a lot to be achieved in the export of non-oil products.
According to him, “Under AGOA, in oil, the country is not doing well , but under non-oil, the country’s performance is poor, which comprises less than two per cent of the total export.”
Awolowo , who said Nigeria has been a good receiver of foreign direct investments (FDIs), particularly from the United States of America.
however stressed that the FDI comes into the financial services, telecommunications and ICT.
“We need more investment in manufacturing and industry. This will be a major focus that we want the chamber to help us,” he said.
He stated that “on our side we will continue with capacity development for exporters, many people do their business without knowing that AGOA exits. We are looking at setting up an export trading company to be funded by sovereign wealth fund, which will encourage people to produce more products and we can buy.”
President of Nigerian-American Chamber of Commerce, Otunba Oluwatoyin Akomolafe, said that AGOA has proved to be a powerful tool for the promotion of export of goods from Nigeria and other African countries into the US. He, however, noted that despite Nigeria’s enormous material and human resources, the country remains Africa’s least beneficiary of AGOA.
Director, South-West, NEPC, Babatunde Faleke added that “this is a good platform for us to work with, presently there is a gap in the textile industry. Countries that are enjoying AGOA are doing more of textile, for example in Ethiopia that is a landmark for them.”
He stated that the hub was not here, urging the chamber to help in the area of developing the Nigerian textile industry.
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