Monday, November 17, 2014
Friday, November 14, 2014
Monday, November 10, 2014
‘Nigeria To Earn $1.6tr From Non-oil Exports In Five Years’
EXECUTIVE Director of the Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, has predicted a boom in the nation’s economy given the Federal Government’s current drive to boost the non-oil export market.
Awolowo said the government had already set machinery in motion to evolve 30 new export markets within Nigeria in the next five years, all capable of making the country attain a 7.1 annual Gross Domestic Product (GDP) growth and a financial base of up to $1.6 trillion, as well as five million direct and indirect jobs.
Speaking at the weekend in Abuja during the fourth Annual Media Conference themed, “Building Greater Nation through Sustained Transformation,” he said that NEPC had been making efforts to position the export market as the growth opportunity of choice for private sector earnings and sustainable economic development.
He noted that President Goodluck Jonathan’s Transformation Agenda has ensured steady growth in non-oil export, which according to him fetched the country of $2.970 billion in 2013, a 15.9 percent increase over the $2.561billion in 2012.
According to him, NEPC has designed a game-changing approach towards attaining government’s new initiatives against the backdrop that only 11 new non-oil products were exported in 2013 to 11 countries. However, he lamented that the nation’s non-oil export potentials have not been fully exploited despite endowed natural resources in solid minerals and agriculture.
Awolowo stressed the need for Nigeria to begin to look beyond its oil resources now that the country has stated experiencing a lack of patronage from major oil consumers such as the United State (U.S.), while the crude oil price has suddenly dropped by 25 percent.
Nevertheless, he disclosed that NEPC has developed a “one state, one product” initiative towards promoting the nation’s export markets, with each state being encouraged to specialize in an agricultural product in which it has comparative advantage over others.
“The programme will adopt one product in each state and develop its value chain. It will also adopt key national products such as cocoa, palm produce, cashew, cassava, groundnuts and others for priority value addition and development,” he disclosed.
According to him, this will not be difficult to attain because of the nation’s huge potential as the world’s largest producer of eight agricultural export commodities, including cassava, yam, shea-nuts and sorghum, and a dominant global producer of 15 other products - cocoa, palm produce, potatoes, maize, cashew nuts, gum arabic and kola nut, among others.
He also indicated that while Nigeria remained the world number one producer of shea-nuts, with 325,610 tons in 2010, it is also rated Africa’s number two in production and export of sesame seeds, the bulk of which is exported to such countries as China, Japan, Turkey, Syria and South Korea.
The NEPC chief disclosed that the country has taken a step further towards attaining this dream through a synergy with the World Trade Organisation (WTO), in which case NEPC has set up eight centres in eight local councils for shea-nut/butter in Oyo, Kwara, Kebbi and Niger states, and sesame seeds in Kogi, Benue, Taraba and Borno states to train farmers/processors on good agricultural practice.
More so, he said NEPC has started targeting no fewer than 25,000 jobs from the shea butter value chain, 15,000 jobs from production of sesame seeds, 15,000 jobs from the growth of yam, with high expectations that women would be massively empowered in the process.
He further hinted that government was already repositioning to take full advantage of the African Growth Opportunity Act (AGOA) by developing a broad sector approach in the textile and fashion industries to meet U.S. standard.
NEPC, he added, was also developing the capacity Nigerian youths under the Youths Empowerment Export Skills Acquisition Programme (YEESAP) in collaboration with SURE-P GIS (Graduate Internship Scheme), while the Youths Entrepreneurship Programme (YEP), in collaboration with Abuja Enterprise Agency (AEA), was also ongoing.
Equally planned is an intervention on PINE Export Component, including leather and leather products (Borno), tomatoes for export (Gombe), tea for export on the Mambilla Plateau (Taraba) and hibiscus flowers for export (Adamawa, Bauchi, Taraba, Borno and Yobe).
Other areas of government intervention, he stressed, include development of sesame seeds for export (Adamawa, Bauchi, Borno, Gombe and Taraba), artisanal, fish and fishery products (Adamawa) as well as an integrated export-related capacity building in all states in the North-East.
Written by Itunu Ajayi, Abuja - http://www.ngrguardiannews.com/news/national-news/186069-nigeria-to-earn-1-6tr-from-non-oil-exports-in-five-years
Thursday, October 30, 2014
Nigeria Yet To Benefit From AGOA, Says Ohuabunwa
The President of the Nigerian-American Chamber of Commerce (NACC), Mr Sam Ohuabunwa, says Nigeria has yet to enjoy the benefits of the African Growth and Opportunities Act (AGOA).
Ohuabunwa made the statement at the 54th Annual General Meeting of NACC in Lagos on Wednesday.
The News Agency of Nigeria (NAN) reports that the U.S. Government established AGOA in 2000 to provide duty and quota free markets for goods from sub-Saharan African countries imported into the U.S.
He said that the incentives provided on the AGOA platform were not substantial enough to balance trade volume deficit between Nigeria and the U.S.
“The United States of America remains Nigeria’s biggest trading partner.
“Bilateral trade between both countries has risen to 36 billion dollars just as President Goodluck Jonathan has called for more U.S. investments in Nigeria.
“We have exported more crude oil to the U.S. than manufactured goods.
“There is a need for capacity building in customs regulations and operations and policy reforms that will develop the private sector to produce products that meet international trade and export standards,” he said.
Ohuabunwa said that NACC had contributed to the growth of Small and Medium Scale Enterprises through its five million dollars private equity fund, launched in 2013.
NAN reports that the chamber recorded an accumulated fund of N 23.6 million for the 2013 year ended as against the N22.1 million recorded in 2014. (NAN)
http://leadership.ng/business/commerce-and-industry/388588/nigeria-yet-benefit-agoa-says-ohuabunwa
Monday, October 27, 2014
Nigeria-China Trade Volume Rises To $11.76bn in 2014
This is as the bilateral relations between both countries continue to rise in various sectors especially trade, energy, agriculture, infrastructure, telecommunication, electric power, railway, aerospace, financing, science, technology and culture.
The Chinese Ambassador to Nigeria, Gu Xiaojie, made the statement at a reception to mark China’s 65th National Day in Abuja on Tuesday evening, where he added that the results of the cooperation between both countries were manifested in the growing local employment, upgraded infrastructure and improving livelihood for the people.
The envoy added that the people-to-people relationship in the last few years had also been on the rise.
“In the past two months and more, Nigeria was affected by the Ebola virus disease (EVD), the Chinese people shared the woes and stood together with the Nigerian people. We highly commend the strenuous efforts made by the government and people of Nigeria in the fight against the Ebola epidemic, and applaud the achievements you have made,” Xiaojie said.
He disclosed that the Chinese government in August provided medical supplies worth $4.9 million to three countries mostly affected by the EVD, alongside two teams of medical experts.
“China has also announced an additional aid package worth $32.5 million for Liberia, Sierra Leone, Guinea and other countries in the sub-region to combat EVD.”
“…Africa is a significant pole in world political arena latest pole in global economic growth, and a colourful pole in human civilisations. China cherishes the traditional friendship and sound cooperation with African countries and is committed to developing relations with Africa by adhering to the policy featuring “sincerity, real results, affinity and good faith,” Xiaojie said.
Nigeria Imports Three Million Bags of Rice In October
Nigerians imported 165, 852 metric tonnes of rice in the first three weeks of October this year, amounting to over three million bags of 50 kilogramme of the commodity.
With an average market price of N10,000 per bag, about N33.2bn would have gone into the purchase of this essential food item in just 21 days.
This figure is 51,952MT higher than 113,900MT of rice imported in September this year, according the latest statistics obtained from the Daily Shipping Position, compiled by the Nigerian Ports Authority.
Traders and economists attributed the surge in the volume of rice import to the end of the year festivities.
A trader, Mrs. Ronke Adeoye, noted that some people were already stockpiling the product in anticipation that the price could shoot up in the last two months of the year, ahead of the Christmas and New Year celebrations.
Many corporate firms often buy rice for distribution to their customers and workers as part of the end of the year gifts.
The rice import is still high despite the Federal Government’s imposition of additional 60 per cent tariff on its import this year.
To encourage local production of rice in the country, the government had earlier this year raised the tariff on imported rice to 110 per cent. But due to pressure from importers and other stakeholders, who observed that the local production could not meet the demand of consumers, it was slashed to 60 per cent for rice traders and 20 per cent for rice mill owners
In a conversation with our correspondent, the Vice President, Rice Sellers’ Association, Daleko Market, Alhaja Silifat Akinsete, said apart from the popular Ofada rice, they had yet to see any other Nigerian cultivated rice in the market.
She added that the ‘Ofada’ rice which had been in existence over the years was more expensive than the imported rice which was readily available in the market.
The President, Rice Importers and Millers Association of Nigeria, Mr. Tunji Owoeye, said that some rice importers had started embracing the backward integration policy by taking up rice mills that were no longer functioning to produce rice locally, adding that without the policy they would not have thought of acquiring the mills.
According to him, the reason why the locally produced rice has not reached the South West was that the integrated mills are located in the northern part of the country and they are being sold in the environment where they are cultivated and milled.
The RIMIDAN boss said, “The government has done a lot in interfacing with dealers with new incentives. We are beginning to take ownership of the local rice production policy. Government can give further support through the reduction of smuggling by the custom officers. Our interest is to feed our people and get employment for our youths. We support the government strategies because we need to fix our homes before we stop importation.”
On his part, the President, Nigerian-Thai Chamber of Commerce, Industry and Agriculture, Chief Femi Orebote, said that to ensure high quality of rice production, improved technology should be learnt from experts in the field from Thailand.
He said that the recent review of the policy on importation of rice, which initially encouraged smuggling, made Thailand to feel concerned about the business in the country, adding that it was willingly to extend its expertise to Nigerian farmers.
With an average market price of N10,000 per bag, about N33.2bn would have gone into the purchase of this essential food item in just 21 days.
This figure is 51,952MT higher than 113,900MT of rice imported in September this year, according the latest statistics obtained from the Daily Shipping Position, compiled by the Nigerian Ports Authority.
Traders and economists attributed the surge in the volume of rice import to the end of the year festivities.
A trader, Mrs. Ronke Adeoye, noted that some people were already stockpiling the product in anticipation that the price could shoot up in the last two months of the year, ahead of the Christmas and New Year celebrations.
Many corporate firms often buy rice for distribution to their customers and workers as part of the end of the year gifts.
The rice import is still high despite the Federal Government’s imposition of additional 60 per cent tariff on its import this year.
To encourage local production of rice in the country, the government had earlier this year raised the tariff on imported rice to 110 per cent. But due to pressure from importers and other stakeholders, who observed that the local production could not meet the demand of consumers, it was slashed to 60 per cent for rice traders and 20 per cent for rice mill owners
In a conversation with our correspondent, the Vice President, Rice Sellers’ Association, Daleko Market, Alhaja Silifat Akinsete, said apart from the popular Ofada rice, they had yet to see any other Nigerian cultivated rice in the market.
She added that the ‘Ofada’ rice which had been in existence over the years was more expensive than the imported rice which was readily available in the market.
The President, Rice Importers and Millers Association of Nigeria, Mr. Tunji Owoeye, said that some rice importers had started embracing the backward integration policy by taking up rice mills that were no longer functioning to produce rice locally, adding that without the policy they would not have thought of acquiring the mills.
According to him, the reason why the locally produced rice has not reached the South West was that the integrated mills are located in the northern part of the country and they are being sold in the environment where they are cultivated and milled.
The RIMIDAN boss said, “The government has done a lot in interfacing with dealers with new incentives. We are beginning to take ownership of the local rice production policy. Government can give further support through the reduction of smuggling by the custom officers. Our interest is to feed our people and get employment for our youths. We support the government strategies because we need to fix our homes before we stop importation.”
On his part, the President, Nigerian-Thai Chamber of Commerce, Industry and Agriculture, Chief Femi Orebote, said that to ensure high quality of rice production, improved technology should be learnt from experts in the field from Thailand.
He said that the recent review of the policy on importation of rice, which initially encouraged smuggling, made Thailand to feel concerned about the business in the country, adding that it was willingly to extend its expertise to Nigerian farmers.
http://businessnews.com.ng/2014/10/27/nigeria-imports-three-million-bags-rice-october/
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