FG Pledges To Address Bureaucratic Hurdles To Boost Non-Oil Exports – Minister

FG Pledges To Address Bureaucratic Hurdles To Boost Non-Oil Exports – Minister

In an effort to enhance non-oil exports, the Federal Government (FG) has pledged to resolve regulatory and bureaucratic challenges that are increasing export costs, making Nigerian products less competitive internationally...READ MORE…

Speaking at a ministerial export consultation session with Nigeria’s top 100 exporters in Lagos, the Minister for Industry, Trade, and Investment, Dr. Jumoke Oduwole, acknowledged the persistent bureaucratic inefficiencies, including conflicts between agencies like the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC), which hinder manufacturers.

Oduwole underscored the critical role exports play in fostering economic growth, creating jobs, and boosting foreign exchange earnings, urging cooperation between agencies and exporters to enhance the economy. She encouraged exporters to leverage Nigeria’s economic potential and reiterated the government’s commitment to creating a favorable environment for export growth.

“We are committed to addressing the regulatory and bureaucratic challenges that we are all familiar with. These issues, stemming from public sector inefficiencies, are well known to me,” she said. “I’m here to support both the agencies under the Ministry of Industry, Trade and Investment and Nigerian exporters.”

She continued, “Failure to tackle these problems would be detrimental, leaving untapped potential. With the mandate from President Bola Tinubu, my team and I will deliver on this for Nigeria’s economy.”

Oduwole also emphasized the importance of supporting Nigerian service exporters, who provide valuable opportunities for youth to earn foreign exchange while staying in Nigeria.

Additionally, the Director General of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, discussed efforts to simplify export processes, including securing approval from the Central Bank of Nigeria (CBN) to allow export proceeds in CFA Franc. However, Ayeni noted the current burden on exporters, who must complete up to 23 documents to open a Non-Oil Export Support Programme account. She expressed confidence that this number would be reduced with the minister’s support.

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