The Nigerian Export Promotion Council (NEPC) has called on Nigerian exporters to leverage the $3 trillion African Continental Free Trade Area (AfCFTA) market, emphasizing the potential for unprecedented economic growth. This was stated during a workshop organized by the NEPC’s South West Zone, themed “Positioning SME Exporters to Benefit from the African Continental Free Trade Area Agreement.”
The Executive Director of NEPC, Mrs. Nonye Ayeni, represented by the Acting Regional Coordinator, Mrs. Bolanle Emmanuel, noted that the Council is committed to equipping new exporters with the skills and knowledge needed to thrive in the international market. She highlighted the workshop as a critical step in preparing Small and Medium Enterprises (SMEs) to access the vast opportunities within the African market.
Ayeni stated, “With the recent developments in the world economic order, since President Trump’s administration, there is a greater need for Nigeria to diversify its export market towards the African market worth over $3tn.” She emphasized that this shift could lead to stronger economic growth and job creation, urging exporters to formalize their export businesses to tap into initiatives like the Export Incentives, Export Market Access Programs, Export Trade House Initiative, and the Domestic Export Warehouse.
In addition, Mr. Oluwadare Talabi, Managing Director of Talion Group, called for prioritization of indigenous participation in Nigeria’s export sector, lamenting the dominance of Indians, Lebanese, and Chinese exporters. Talabi pointed out that rising exchange rates, commodity prices, and high interest rates have made Nigerian exports less competitive. He urged for “reduction in product costs, regulatory relief, improved logistics, and better local participation,” comparing it to the local content policies in the oil and gas industry.
Talabi added, “Most of the exports are done by foreigners: Indians, Lebanese, and Chinese. They have access to low-cost funding and jack up the price of commodities, pushing indigenous players out of business.”
The NEPC remains optimistic that with proper guidance and regulatory support, Nigerian exporters can dominate the AfCFTA market, boosting the nation’s economic diversification and global trade influence.
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