L-R: MANEG Exco Member, Sandeep Chhatwal; Acting Chairman, MANEG, Odiri Erewa-
Meggison; Vice Chairman II, MANEG, Dr Frederick Mordi at the commencement of the 2-
day training programme by the Manufacturers Association of Nigeria Export Group in
partnership with the National Action Committee Secretariat on afCTFA at the MAN
House on July 18 th 2023.
The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has commended the Nigeria Employers Consultative Association (NECA) for its non-oil exports advocacy and reiterated its call to the Federal Government to prioritize trade diversification and bolster non-oil exports.
This call was made at the NECA annual summit which held in Abuja recently, where stakeholders proffered solutions aimed 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,” Odiri Erewa-Megisson, the Acting Chairman of MANEG and Director, External Affairs at British American Tobacco West and Central Africa, emphasized the importance of government support for non-oil export businesses as a catalyst for revenue growth.
She stated, “It is important that the government steps up to support non-oil export businesses by offering accessible incentives and allocating funds specifically for them to foster revenue growth in the country. The cost of running a business in Nigeria is hefty, compared to many other places in the world, so it is crucial for the government to provide incentives. Exporters can then have a fair chance to compete with other countries and really make a mark in terms of revenue growth within our own borders.”
Furthermore, she underscored the urgent need for government efforts to streamline activities of regulatory agencies to alleviate the burdensome procedures faced by exporters, while commending the government’s move to harmonize the foreign exchange rate, stressing that exporters should receive priority in accessing foreign exchange. “All the barriers that are there, different agencies, the duplicity of roles, there’s so many barriers in place that impede the thriving of businesses. There are investors looking to So, 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 keynote 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%. “Nigeria’s revenue to GDP ratio at 8% is among the lowest in the world and lacks the West African Average of 13%. Currently we face huge fiscal deficits estimated at 6% of GDP due to high expenditure amidst dwindling revenues from crude oil exports. To adress this, we must prioritize measures such as improving tax collection and administration, streamlining the tax system, and blocking leakages in tax collection”
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.
The NECA Summit attracted government officials, industry leaders, policymakers, and entrepreneurs. Key discussions encompassed policy reforms, trade facilitation, infrastructure development, market access, financial support mechanisms, capacity building, and the promotion of Made-in-Nigeria products. The participants also explored avenues to leverage Nigeria’s abundant resources, diversify exports, and tap into emerging markets to expedite rapid national development.
Add a comment
