Vice President Kashim Shettima has highlighted the positive impact of the Federal Government’s efforts to strengthen Nigeria’s trade sector.
Speaking at the third National Conference on Non-oil Export in Abuja, Shettima noted that Nigeria recorded a trade balance of ₦6.5 trillion in the second quarter of 2024.
This achievement is attributed to the recently implemented trade policies aimed at increasing the non-oil sector’s contribution to the Gross Domestic Product (GDP) and enhancing Nigeria’s position in global trade.
Shettima emphasized the importance of effectively implementing the country’s trade policy to improve the balance of trade. He pointed out that exports accounted for 60.89 percent of total trade, amounting to ₦19.42 trillion.
This represents a marginal increase of 1.31 percent compared to the first quarter and a significant rise over the same period last year.
The Vice President reiterated the government’s commitment to diversifying the economy and reducing dependence on oil. He also stressed the need to streamline regulatory frameworks to improve the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs). Shettima called for action from both the public and private sectors to address challenges and maximize Nigeria’s trade potential.
The Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, attributed the growth of Nigeria’s non-oil export earnings to the policy strides of President Bola Tinubu. Ayeni noted that the country’s non-oil export earnings increased by 6.26 percent in the first half of 2024, reaching $2.7 billion.
He said the growth reflects the administration’s commitment to driving industrialization, digitization, and manufacturing as part of its broader economic reform agenda.
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