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Agriculture

From Rediscover Nigeria desk

  AGRICULTURE   The wealth of a nation is partially measured by its ability to guarantee its citizenry food security.In…

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Manufacturing

From Rediscover Nigeria's Desk

Manufacturing in Nigeria concentrates mainly on the production of consumer goods. With a population estimated today at over 156 million…

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Nigeria! Overview

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From Rediscover Nigeria's Desk

Tourism in Nigeria has huge potentials to be a major foreign exchange earner. The Obasanjo administration has created awareness among…

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Nigeria's Resources

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Nigeria's total verified external debts as at December 2010 was US$4.578 billion as against US$3.947 billion in 2009. Total scrutinized…

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Rediscover Nigeria Trade

Trade

More than 80% of Nigeria's foreign exchange earnings continue to come from the export of crude oil. This leaves much to be desired considering the very wide international market available for a myriad of exportable commodities. Many of these commodities formed the backbone of Nigeria's economy before crude oil took the centre stage of the export business. Essentially these are agro-based commodities which waste away as a result of no value being added to them. Some of these produce include Cashew and Cashew nuts, Cotton, Cocoa, Groundnuts, Oil Palm, Pineapple, Mangoes, Castor Oil, Coconuts, Pepper, Banana, Oranges, Rubber, Tea and Coffee. Handicrafts include processed leather from Hides and Skins, Wood Sculpture, Bronze Carvings, Brass Works, Straw Hats, Mats, Woven Cloth, Dyed Cloth, Cane Furniture, Beads and other Decorative Ornaments and Pottery. These avenues are not being adequately explored considering their immense potentials and their poverty reduction capacity.

EXPORT STRATEGY
Nigeria is evolving a strong export strategy to support domestic entrepreneurs willing to enter into the fiercely competitive international market. Considering the various subsidies the developed countries grant to their farmers and the highly developed infrastructure in these countries, Nigeria still needs to do a lot more to subsidize any business enterprise that intends to break into the international market. It involves strategies in farmer mobilization to produce and adhere to the strict standards and bureaucracy of export management. There is need to  embark on more public enlightenment in addition to collaboration with the private sector industries that have export capacity. Currently there is the 30% Export Expansion Grant (E.E.G.).

FREE TRADE ZONES
There are Free Trade Zones in various States of Nigeria namely Cross River, Lagos, Ondo, Kano, Borno, Jigawa, Rivers and Ogun States. The F.T.Z in Calabar and Onne are the most developed with activities on the slow but steady increase. Details of the incentives and field of dedication of the zones are available at the Nigerian Export Processing Zones Authority (NEPZA).

OPPORTUNITIES
Following the ban on the importation of fruit juices, food processing factories are witnessing an expansion in their capacity utilization and are exporting to the world market. The strict demands of the world market and the variety in flavour infers that there will be a need in the immediate future to invest more in the production of citrus fruits to meet the raw material requirements of the industry.

 

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