Nigeria’s Federal Government revealed a significant boost in export growth, thanks to new trade policies implemented by the current administration.
According to the Vice President Kashim Shettima, the country achieved a trade surplus of N6.5 trillion in the second quarter of 2024, marking substantial growth in Nigeria’s export performance.
Speaking at the 3rd National Conference on Non-Oil Export, held in Abuja and organized by the Nigerian Export Promotion Council, Shettima emphasized the importance of diversification and trade facilitation programs in boosting Nigeria’s economic standing.
Themed “Promoting Non-Oil Export for Rapid National Economic Growth,” the conference underscored how trade policies are helping Nigeria harness new opportunities in the global market.
Data from the National Bureau of Statistics shows Nigeria’s exports reached N19.42 trillion in Q2 2024, representing 60.89 percent of the country’s total trade. This figure reflects a modest 1.31 percent increase from the N19.17 trillion recorded in Q1 2024 and a remarkable 201.76 percent jump from N6.44 trillion in Q2 2023.
Shettima, represented by Deputy Chief of Staff Senator Ibrahim Hadejia, highlighted that a growing trade surplus demonstrates Nigeria’s improved balance between exports and imports. However, he stressed the need to maintain quality standards to avoid becoming a destination for substandard goods.
In discussing future goals, Shettima pointed out that effective trade policies are crucial for Nigeria’s economic growth and for increasing the nation’s share in global trade. He expressed optimism about Nigeria’s potential to tap into various sectors, such as agriculture, e-commerce, and creative industries, which could further propel its economy.
As the global trade market is projected to reach $32 trillion by the end of 2024, Shettima posed a challenge to Nigeria and other African nations: “The question we should ask is how Nigeria and Africa can fully capitalise on these enormous opportunities.”
