MANEG calls for urgent diversification to non-oil exports

The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has reiterated its call to the Federal Government to prioritize trade diversification and bolster non-oil exports.

This call was made at the Nigeria Employers Consultative Association (NECA) annual summit which sought to proffer solutions at shaping Nigeria’s economic landscape, especially through trade and non-oil exports.

Speaking at the Summit, themed “Trade and Non-Oil Export: Changing the Narrative for Rapid National Development,” the Chairman of MANEG, Odiri Erewa-Megisson, emphasized the importance of government support for non-oil export businesses as a catalyst for revenue growth.

She stated, “The cost of running a business in Nigeria is hefty, compared to other places in the world, so it’s crucial for the government to provide incentives. That way, exporters can have a fair chance to compete with other countries and really make a mark in terms of revenue growth within our own borders.”

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While commending the government’s move to harmonize the foreign exchange rate, She stressed on the urgent need for government efforts to streamline regulatory agencies and alleviate the burdensome procedures faced by exporters.

She stated that exporters should receive priority in accessing foreign exchange.

“There are investors looking to invest but a lot of people will rather keep their funds outside. So, they are outrightly generating revenue, but they’re not bringing it back into Nigeria. They can keep it offshore. How can we change that? So that’s what my next support group is looking to do.”

In his address, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), represented by Mr. Lamin Barrow, DG, AfDB Nigeria emphasized the critical importance of accelerating resource mobilization for Nigeria’s economic growth with Nigeria’s revenue to GDP ratio at 8%, well below the West African average of 13%.

He also added that boosting agricultural sector productivity, developing value chains, and attracting more private sector investments can provide a sure route to sustainable revenue generation and economic diversification.