On Thursday, October 3, business owners from different parts of Nigeria gathered in Ogun State where they had the rare privilege of receiving business counsel from a former Nigerian President, Dr. Olusegun Obasanjo, a renowned politician and entrepreneur.
Well, all thanks to the internet, business owners who could not make it to the event will have an opportunity to receive Obasanjo’s message.
It was at the 2024 edition of the National Business Conference of Business Network International, held in Abeokuta, the capital of Ogun State, that the former president took his time to share useful insight with business owners.
Indeed, Obasanjo turned up at the event with a truckload of advice.
Whether you are in the export or import market, the former president had a piece of advice for everyone.
A Message To Exporters
Obasanjo gave a special advice to entrepreneurs seeking opportunities in the export market.
He urged them to pay attention to truly understanding the needs of other countries before investing in goods.
For business owners finding it difficult to navigate the economic challenges in exportation, OBJ advised them to seek a clear understanding of the market. He says this is vital for them to succeed in the competitive global market.
Obasanjo emphasised the need for businesses to trade in local currency.
According to him, dollars and euros are not supposed to be used for trading in Africa.
Obasanjo Reveals Problems In Export
His words: “There are a number of problems that we have in export, and one is (lack of) information about what others need that we have and what other have that we need.
“We need to give ourselves information about the opportunities that exist within and beyond our borders.
“The second thing is infrastructure. We have goods but how do we take goods from point A to point B, particularly some goods that are perishable?
“How do we ensure that the quality of the food that we try to transport across the border is of high standard?
“There must be some form of quality control and assessment that will show to the other people that what we are bringing to them is of high quality.”
“Then, there is the issue of payment. If I am shipping something to Ghana, why do I have to look for dollars?
“They need cedis while I have naira, but there must be a system within Africa that will take my Naira and give it to them in Cedis so I don’t have look for dollar or euro.”
“I think this is where AfreximBank, which is the bank encouraging export and intra-Africa trade, can be of great assistance; payment system that does not involve looking for foreign exchange.
“You can pay in your local currency and the other man will get what you have paid for in his or her own local currency,” he said.
Also Read: Obasanjo Boasts Of Taking Charge Of Nigeria During His Tenure
The advice is apt because Nigerian farmers find it hard to export some produce due to some regulations and sanctions imposed by foreign countries.
Also, Obasanjo’s advice comes days after a lion attacked and killed a zoo worker at the Olusegun Obasanjo Presidential Library in Abeokuta, Ogun State.
Beyond Borders
Meanwhile, at the event themed; Beyond Borders: Exploring Global Opportunities, the National Director of the Business Network International (BNI), Mr. Chimaobi James Agwu, also addressed business owners present.
Also, Agwu echoed the importance of external trade, adding that ‘no country can grow without it’.
He said: “You would all agree with me that no country can grow without external trade.
“The big nations, the so-called G7, G10 and G12 countries, inclusive of China, India and Russia are the major beneficiaries of international trade, as they rule the world of exports, earning foreign exchange and growing local activities.
“It is on these bases that countries like India, Saudi Arabia, UAE, Indonesia and others are refining their economies to be outward facing and give their respective countries a sound and better economic footing for the much-needed stability”.