With the aim of shedding its oil-dependent past and adopting a more diversified trading environment, the Federal Government has started a revolutionary economic drive called “Export774”.
Launching Of Export774
The project, led by the Nigerian Export Promotion Council (NEPC), intends to unlock the export potential of each of Nigeria’s 774 local governments.
The government believes it will pave the way for economic revival and global recognition.
Dr. Ezra Yakusak, is the Executive Director of NEPC. He delivered a speech at the 2023 Export4Survival hiking campaign in Abuja.
He underlined the need for Nigeria to export locally produced goods and services.
Emphatically, he said it was necessary to ensure Nigeria’s existence and development.
Furthermore, he drew an illuminating analogy between export and survival.
He said: “Just as we need to exercise to survive, we also need to export to thrive and secure Nigeria’s economic future”.
Central to the “Export774” initiative is the development of a comprehensive compendium, a valuable resource for investors and exporters.
This document will shed light on export potential across different regions, identify promising products, and assess market competitiveness.
According to the organisation, it will indeed pave the way for increased foreign investments and growth opportunities.
Sourcing Product
Yakusak stated that when the compendium is out, the document would be readily available for investors and exporters alike.
“If you want any product from the 774 local government you will be able to know exactly where to go, what kind of product and the potential of that product and the market competitiveness of that product.
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“Let us say it will be an avenue to know the export potentials and also attract foreign investment,” NEPC explained.
Nigeria’s non-oil export sector witnessed an impressive 40 per cent growth over the last two years, reaching a notable $5.6 billion in 2022.
Building on this momentum, the first quarter of 2023 saw a promising repatriation figure of $1.7 billion back into the economy.
NEPC New Non-Oil Products
Yakusak reveals that sorghum and orange peels, two new items that were successfully introduced, have significantly enriched Nigeria’s export baskets.
He also stressed the significance of a successful public-private partnership in order to meet the campaign’s ambitious goals.
Rounding off his speech, he emphasised the need to promote “Export774,” through combined effort.
He also urged companies to embrace an export-oriented mindset and take advantage of opportunities in the international market.
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