Vice President Kashim Shettima on Tuesday called for a collective effort to reform the economy, through accelerated diversification, industrialization, digitization, creative arts, manufacturing, and innovation, all of which are targeted toward sustained inclusive economic growth.
This is as the vice president vowed to not relent in implementing fiscal reforms on the economic structure of the country.
Speaking at the 3rd National Conference on Non-oil Export organized by the Nigerian Export Promotion Council (NEPC), Shettima said for Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s Trade Policy.
The conference-themed “Promoting Non-oil Export for Rapid National Economic Growth” Shettima said captures the very essence of his administration’s economic reformation as global economy trade is the determinant factor for any nation that desires prosperity for its citizenry.
He said, “For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s Trade Policy. With this, we aim to increase the trade sector’s contribution to GDP and enhance Nigeria’s share of global trade.
“It is pleasing to note that the country’s total external trade recorded a favourable balance of N6.5 trillion in the second quarter of 2024. Of this, exports accounted for 60.89 per cent of total trade, amounting to N19.42tn.
“Representing a marginal increase of 1.31 per cent over Q1 2024 and a 201.76 per cent rise over N6.44 trillion in Q2 2023.
“Opportunities abound in various sectors, from extractive industries and agriculture to e-commerce and the creative industry, for those willing to explore them.”
Assuring of the presidency support to the council as a member of the World Trade Organisation (WTO), General Agreement on Tariffs and Trade (GATT), African Continental Free Trade Agreement (AfCFTA), African Growth and Opportunity Act (AGOA), and indeed a founding member of the ECOWAS, Shettima said, “We will not relent on its on-going fiscal reforms”.
“Therefore, we intend to rigorously pursue the economic policies we have put in place to reignite economic growth, and social welfare improvements and thereby improve the living standards of Nigerians” he said.
Speaking on the global trade estimated to reach $32tn by the end of 2024, shettima said Nigeria and Africa can maximise these huge economic opportunities offered by the mere exchange of goods and services in the global market.
He added that the presidency intends to strengthen and reform all regulatory frameworks that will not just facilitate seamless trade but enhance the ease of doing business, particularly for Micro, Small and Medium Entrepreneurs (MSMEs) business owners.
“Nigeria, as a signatory to the African Continental Free Trade Agreement (AfCFTA) boosting about 1.4 billion markets, there is a need for relevant stakeholders both from the public and Organized Private Sector (OPS) to proffer solutions to the myriads of challenges that are likely to inhibit Nigerian entrepreneurs from maximizing the opportunities offered by the AfCFTA.
“We cannot afford to be a dumping ground for all sorts of goods. At the end of the conference, I expect these issues to be addressed and a communique issued” he said.
Speaking on the achievements recorded under his presidency, Shettima said farmers are being incentivised to increase food production, remove tariffs on essential imports such as rice, wheat, sorghum, maize, drugs, and other pharmaceuticals and medical supplies, distribution of fertilizers to farmers with a target to cultivate 10 million hectares of arable land and provision of one million Naira Micro and Small business loan to 75,000 beneficiaries to support MSMEs.
He said that the diversification of the economy remains a top priority of this administration as it will reduce the over-dependence of the national economy on oil and gas by promoting the export of value-added manufactured products.
“As we strive to develop a flourishing domestic market that is competitive and fully integrated into the global economy, this administration remains resolute in its quest to position the country as a strong economic force by formulating policies and adopting measures that will promote and increase patronage of Made-in-Nigeria products, enhance market access, increase the competitiveness of the country’s product in the international market and thereby boost job creation and reduce unemployment,” he said.
