The Nigerian Export Promotion Council (NEPC) has indicated its intention to review Nigeria’s export regulations regime as a strategic option of improving the performance of the nation’s non-oil export in the years ahead.
The Council’s Executive Director and Chief Executive Officer, Mr. Olusegun Awolowo, who gave this hint at the NACCIMA/NAWORG Export Promotion Conference in Lagos said that the regulatory measure would simplify export regulations and make export business more cost-efficient for exporters.
Specifically, he disclosed that the regulatory measure would focus primarily on steps, costs, and efficacy of implementation..
Awolowo recalled that the country had come a long way in its export-oriented policy initiatives, noting however that more work has to be done to achieve the objectives of such initiatives.
For instance, he noted that exporters were managing to cope with regulations on two levels, starting with export regulations regime of the country and ending with import regulations in their target markets.
According to him, while almost all oil producing countries around the world have initiated policy measures to diversify their exports in order to grow sustainable economies, including their commitment to the COP21 Paris climate agreements in 2015, Nigeria is yet to really achieve much in such drives.
The NEPC boss said: “We are in complete agreement that our nation’s economic growth must be export driven through export oriented manufacturing and industry. Indeed NACCIMA has been a strategic partner in the formulation of Nigeria’s Zero Oil Plan. The Zero Oil Plan identifies 22 sectors where Nigeria has both comparative and competitive advantage in world trade and the specific international markets to penetrate.
“To achieve our goal of rapid export diversification, we must emphasize the importance of the themes of this event – Effective export chain management, and Compliance to regulations.
“These two factors play an important part in whether we succeed or fail in our export revolution. It is a known fact that Nigeria is blessed with exportable agricultural products, solid minerals, manufacturing products among others.
“Regarding export chains development, the NEPC boss said Nigeria is not an economic island, and must integrate into pre-existing international supply chains. This leads to three basic conclusions – firstly we must be ready to compete and innovate to get our own share of global trade. This will not come easy and must be deliberately and systematically achieved”, Awolowo added
