Federal gov launches new initiative to boost non-oil exports

• Led by the Nigerian Export Promotion Council (NEPC), the initiative targets export potential in all 774 local government areas for economic rejuvenation
• Dr. Ezra Yakusak, NEPC’s Executive Director, stresses the need for exporting locally-made goods to ensure Nigeria’s survival and prosperity
  

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The federal government of Nigeria has initiated a transformative economic endeavor known as “Export774,” aiming to liberate itself from its reliance on oil and embrace a diversified trading landscape.

Led by the Nigerian Export Promotion Council (NEPC), this campaign seeks to unlock the export potential of all 774 local government areas, propelling economic rejuvenation and international prominence.

Speaking at the 2023 Export4Survival hiking campaign in Abuja, Dr. Ezra Yakusak, Executive Director of NEPC, emphasized the vital importance of exporting domestically-produced goods and services to ensure Nigeria’s survival and prosperity.

Drawing a compelling analogy between export and survival, he articulated, “Just as exercise is crucial for survival, exporting is essential for thriving and securing Nigeria’s economic future.”

At the core of the “Export774” initiative is the creation of a comprehensive compendium, a valuable resource for investors and exporters. This document will illuminate export potential across diverse regions, identify promising products, and assess market competitiveness, paving the way for heightened foreign investments and growth prospects.

Yakusak indicated that once the compendium is finalized, it will be readily accessible to both investors and exporters.

The non-oil export sector in Nigeria has experienced a remarkable 40% growth over the past two years, achieving a notable $5.6 billion in 2022. Building on this momentum, the first quarter of 2023 witnessed a promising repatriation figure of $1.7 billion injected back into the economy.

Yakusak divulged that the successful introduction of new products like sorghum and orange pills has significantly enriched Nigeria’s export offerings.

To achieve the ambitious objectives of this campaign, Dr. Yakusak underscored the significance of a collaborative public-private partnership. He called for collective endeavors to promote “Export774,” urging businesses to adopt an export-focused mindset and capitalize on global market opportunities.