Trade ministey to address regulatory, bureaucratic challenges to boost export …Exporters urged to take advantage of economic potential

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The Federal Ministry of Industry, Trade and Investment, has promised that the regulatory and bureaucratic challenges bedevilling exporters will be systemically addressed.
The minster, Dr. Jumoke Oduwole made the remark yesterday during a ministerial export consultation held in Lagos, where she applauded the top 100 exporters who had contributed to the growth of the economy.
Oduwole emphasized the importance of exports in driving economic growth, creating jobs and enhancing foreign exchange earnings and called for collaboration amongst the agencies and exporters to make the economy work.
“Please encourage the Nigerian economy.
The reforms may have been tough, but we’re already turning the corner.
So let’s all continue together we can make this economy work.
She encouraged exporters to take advantage of Nigeria’s economic potential and pledged the government’s commitment to creating an enabling environment for export growth.
“We’re determined to make sure that the regulatory and bureaucratic challenges,which are well known to us coming from a public background, are systemically addressed.
“I’m here to support all the agencies under the Federal Ministry of Energy, Trade and Investment here present and the Nigerian exporters.
She noted that the ministry’s support was not only for Nigerian exporters of goods and commodities,
“we’re also supporting Nigerian exporters of services, which is one of the lowest hanging fruits, for giving Nigerian youth the opportunity to earn foreign exchange while living in Nigeria by exporting their services.
“They’re talented in areas of digital trade.
Nigeria is going to be a leading, dominating force in that regard.
“There’s a lot of work ahead, no doubt, but the President is committed to this.
We’re also going to establish and reinvigorate our Commodities Exchange.
There’s a lot that we have geared up for Nigeria.
“Suffice to say that it will take everybody’s commitment.
“You’ve seen that the GDP is moving in the right direction.
“Please encourage the Nigerian economy.
The reforms may have been tough, but we’re already turning the corner.
“So let’s all continue together we can make this economy work.
So for collaboration amongst the agencies, you heard a number of both the exporters allude to the fact that I’ve been working on the private reforms for nearly a decade now.
“The challenges, the silos, the miscommunication, the overlapping,different agencies competing amongst each other, overlapping duties that make things cost more for private sector.
It’s nothing new to me, which is why I didn’t come here alone, which is why I didn’t have this consultation just in my office.
“A number of these exporters are well known to the public. We’ve had a national action plan that has worked on agro-exports in particular in 2021.
She promised the exporters and agencies that all their valid points raised will be addressed.
“So Mr. President has given me the matching orders and together with colleagues, we’re going to deliver this for the Nigerian economy.

In his remarks, Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Abba Rimi said stakeholders’ consultation engagement is tailored towards strengthening Nigeria’s export sector.

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“This gathering marks a significant step forward in the Ministry’s commitment to fostering inclusive engagement with stakeholders towards advancing Nigeria’s economic diversification agenda and our collective effort to enhance and expand our Nation’s export capacity.

“Consultation provides us with a platform to deliberate on the challenges and opportunities shaping Nigeria’s export landscape. We are here united by a shared commitment to improving the effectiveness and competitiveness of our export sector. As a nation, we recognize the critical role of exports in driving economic growth, creating jobs, enhancing foreign exchange earnings, and positioning Nigeria in the competitive global marketplace.

“The Ministry remains steadfast in its mandate to create enabling policies and frameworks that enhance export competitiveness. Through the feedback and insights from this engagement, we aim to fine-tune interventions, tackle critical points such as market access, regulatory, bottlenecks, and infrastructural constraints, and ensure alignment with global best practices.

“This event is, therefore, particularly timely, premised on the pressing need to address current economic challenges, bolster resilience, and unlock the immense potential of Nigeria’s export ecosystem. The event is also designed to provide exporters with a unique opportunity to interact directly with regulators, identify bottlenecks, and receive actionable guidance. This is a clear testament to our commitment to fostering a collaborative and solutions-driven approach to addressing the challenges confronting exporters in the country, ” he explained.

According to him, he encouraged frank discussions, innovative thinking, and the sharing of success stories that can inspire new strategies for sustainable growth.

“We should, therefore, listen, learn, and work together to create a dynamic and sustainable export ecosystem that will drive economic growth, create jobs, and improve the livelihoods of our people. I am confident that with your expertise and insight, we can develop actionable strategies that will enable us to navigate the complexities of global trade and achieve our common goal. Let us work together to refine our policies, strengthen our value chains, and position Nigeria to become a leader in the global export market,” he stated
On his part, the Comptroller-General of the Nigerian Customs Service (NCS), CGC Adeniyi Wale, has urged exporters to drive Nigeria’s economic growth.

Speaking at a stakeholders’ consultation engagement, CGC Adeniyi Wale commended exporters for their contributions to the country’s economy and called for increased momentum in export growth.

He noted that the Nigerian economy is moving in the right direction, with a slight increase in GDP from 3.9 to 4.2.

CGC Adeniyi Wale attributed this growth to the efforts of exporters and pledged the support of the NCS in addressing challenges facing the export sector

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