2018
is shaping up to be the
year that exports (in particular,
specifically, non-oil exports) became a
hot topic in Nigeria. And it‘s about
time.
More than any previous year since
independence, a lot more
conversations and actual action are
happening to find ways of boosting non-
oil exports in Nigeria. This is also
coming at a time when the entire
African continent – led by the African
Union – is seeking to deepen economic
integration between African countries.
The Continental Free Trade Area
agreement (AfCFTA) is gathering steam
slowly but surely and the first ever
Intra-African Trade Fair has been slated
for December this year, holding in
Egypt.
On the local front, efforts to boost
non-oil exports have been
unprecedented and with modest results
being recorded here and there.
Through all of it though, it‘s become
clear as day that this country‘s capacity
to support and/or drive non-oil exports
is severely lacking. It‘s also clear that
the current approach led and funded by
the federal government is not going to
achieve the results this economy needs
to see within a reasonable timeframe.
The needed linkages
are either lacking or do
not exist at all.
It is a sobering reality that stares us in
the face.
After decades of earning billions of
dollars from crude oil exploitation,
Nigeria – with over 70 million
(estimated) hectares of arable land and
huge reserves of mineral resources
scattered across the nation – is unable
to grow enough food to feed its
growing population, instead relying
heavily on food imports; the country is
unable to create enough competitive
jobs in non-oil sectors to significantly
drive down poverty, boost economic
growth and raise living standards.
The subject of increasing Nigeria‘s non-
oil export performance has been a
point of discussion since the 1960s to
date. Successive regimes have come
and gone, throwing in huge amounts of
money and resources and achieving
very little. In spite of all the ―efforts‖,
non-oil exports from Nigeria still
accounts for less than 10% of total
exports from the country.