Federal Govt Launches New Initiative To Boost Non-oil Exports

The federal government has launched a transformative economic campaign, “Export774,” with the goal of breaking free from its oil-dependent past and embracing a more diversified trade landscape.

Spearheaded by the Nigerian Export Promotion Council (NEPC), the initiative aims to harness the export potential of all 774 local government areas, charting a path towards economic resurgence and global prominence.

Speaking at the 2023 Export4Survival hiking campaign in Abuja, Executive director of NEPC, Dr. Ezra Yakusak, stressed the urgency of exporting locally-made goods and services to ensure Nigeria’s survival and prosperity.

Drawing a compelling parallel between export and survival, he declared, “Just as we need to exercise to survive, we also need to export to thrive and secure Nigeria’s economic future.”

Central to the “Export774” initiative is the development of a comprehensive compendium, a valuable resource for investors and exporters. This document will shed light on export potential across different regions, identify promising products, and assess market competitiveness, paving the way for increased foreign investments and growth opportunities.

Yakusak stated that when the compendium is out, it would be a document that will be readily available for investors and also exporters alike.

“If you want any product from the 774 local government you will be able to know exactly where to go, what kind of product and the potential of that product and the market competitiveness of that product, let us say it will be an avenue to know the export potentials and also attract foreign investment,” the NEPC boss explained.

Nigeria’s non-oil export sector witnessed an impressive 40 per cent growth over the last two years, reaching a notable $5.6 billion in 2022. Building on this momentum, the first quarter of 2023 saw a promising repatriation figure of $1.7 billion back into the economy.

Yakusak disclosed that the successful introduction of new products like sorghum and orange pill has played a crucial role in enriching Nigeria’s export baskets.

To achieve the campaign’s ambitious goals, Dr. Yakusak emphasised the importance of a harmonious public-private partnership.

He called for collective efforts to promote “Export774,” urging businesses to adopt an export-oriented mindset and seize global market opportunities.