Vice President Kashim Shettima has announced a significant boost in Nigeria’s trade balance, reaching N6.5 trillion in the second quarter of 2024 due to trade facilitation efforts by the current administration. Speaking at the 3rd National Conference on Non-Oil Export organized by the Nigerian Export Promotion Council in Abuja, Shettima highlighted that exports accounted for 60.89% of total trade, valued at N19.42 trillion. This figure represents a 1.31% increase from N19.17 trillion in the first quarter and a remarkable 201.76% rise from the N6.44 trillion recorded in Q2 2023.

Represented by Senator Ibrahim Hadejia, Deputy Chief of Staff, Shettima emphasized the need for effective implementation of Nigeria’s trade policy to further diversify the economy. He underlined the importance of reducing reliance on oil by promoting the export of manufactured goods and enhancing the competitiveness of Nigerian products in the international market.

Shettima noted, “Global trade is estimated to reach $32 trillion by the end of 2024. The question is how Nigeria and Africa can maximize the economic opportunities in this global market.” He urged Nigeria to avoid becoming a “dumping ground” for substandard goods and pledged regulatory reforms to improve the ease of doing business, particularly for micro, small, and medium-sized enterprises.

The Vice President also highlighted the African Continental Free Trade Agreement (AfCFTA) as a strategic opportunity, stressing that Nigeria must address challenges inhibiting local entrepreneurs from leveraging this market of over 1.4 billion consumers.

In her remarks, the Executive Director of NEPC, Nonye Ayeni, reported a 6.7% increase in non-oil exports, supported by NEPC’s partnerships with agencies such as Nigeria Customs and the Nigerian Ports Authority. This collaboration aims to create seamless export pathways for Nigerian goods, helping exporters overcome logistical challenges and reducing export costs.

The conference underscored the administration’s dedication to fostering a competitive domestic market, integrating Nigeria more fully into the global economy, and stimulating job creation through trade expansion.