Nigeria’s non-oil exports have shattered records, as highlighted in a recent report from the Nigerian Export Promotion Council. With an extraordinary growth rate of 39.91%, the sector has skyrocketed to an unprecedented level, reaching an astounding $5.6 billion in 2022.
This remarkable accomplishment marks a significant turning point in the Nigerian business landscape, showcasing the immense potential and competitiveness of Nigeria’s non-oil export industry.
Behind the record-breaking achievements, Nigeria’s export trade has witnessed remarkable development in the past years, driven by key factors that highlight the country’s economic diversification.
Notably, Nigeria’s economy has experienced a shift towards greater diversification, marked by a growing manufacturing sector and a burgeoning service sector. Anessential element is online service exporting, which has emerged as a rising contributor to the rapid growth of Nigeria’s export trade.
The ability to offer services remotely, such as software development, graphic design, customer support, and consulting, has opened up lucrative opportunities for Nigerian businesses and talented individuals.
With the advent of digital platforms and advancements in technology, Nigerian service providers have gained access to a global market, transcending geographical boundaries.
The scalability and cost-effectiveness of online platforms and services, such as Upwork and Fiverr, top freelancing platforms connecting professionals with clients worldwide, and Dingtone, a versatile communication app providing virtual phone numbers with global area codes,have allowed Nigerian entrepreneurs and freelancers to attracted clients and expanded their business reach on a global scale.
This shift towards online service exporting has not only diversified Nigeria’s export portfolio but has also provided a pathway for knowledge-based industries to thrive.
By leveraging digital platforms, Nigerian service exporters have played a pivotal role in driving the country’s export trade growth, contributing to economic development and positioning Nigeria as a competitive player in the global services market. This deliberate move away from heavy reliance on oil exports has played a crucial role in driving the expansion of Nigeria’s export trade.
There are also other key factors that have played a pivotal role in the economic transition of Nigeria, such as improved infrastructure, technological advancement, and increased awareness of global opportunities.
The Nigerian government’s investments in infrastructure have yielded significant improvements in transportation networks. Upgraded ports and enhanced connectivity have made it easier and more cost-effective to transport goods and connect with foreign opportunities.
Also, through the adoption of innovative technologies, Nigerian exporters have gained a competitive edge in international markets, fostering the expansion of non-oil exports.
The emerging trends in the economic formation are cited by the skyrocketing demand for Dingtone app, a revolutionary communication tool vigorously competing with the traditional infrastructures dominated by large telecom operators. Unleashing low-cost prowess, effortless accessibility, and unrivaled flexibility, Dingtone tips the scales against its old-fashioned competitors.
“As the largest cloud-based global communication operator, we keenly noticed the rapidly growing demand for global phone numbers in Nigeria, especially numbers from key export partners of Nigeria like India, Spain, Netherlands, United States, and France,” remarkedAminu Atanda, Senior Marketing Director at Dingtone.
“Dingtone’s budget-friendly and app-based solution fulfills the critical role of accessible and indispensable infrastructure for both aspiring business owners and seasoned entrepreneurs. By eliminating barriers and unlocking boundless opportunities, Dingtone paves the way for expanding horizons to the international level. That’s the reason behind the popularity and rapid growth of Dingtone in Nigeria, the largest economy in Africa,” Atanda concluded.
For online service providers, local phone numbers in targeting markets help them build their online profiles and lower the cost of communication with potential clients or employers from other countries.
The growth of Nigeria’s export trade has been beneficial to the country’s economy. It has helped to increase government revenue, create jobs, and reduce poverty. However, there are some challenges that Nigeria faces in its efforts to further expand its export trade. These include limited access to financial assistance, trade restrictions imposed by other countries, and lack of information and resources, especially for small and medium-sized enterprises (SMEs).
Despite these challenges, Nigeria has made significant progress in expanding its export trade in recent years. And this trend is expected to continue in the coming years.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
