The Nigerian Export Promotion Council has said Nigerians are exporting goods worth over $40bn informally every year.

The Executive Director and the Chief Executive Officer of the NEPC, Mr. Segun Awolowo, stated this in Lagos on Friday during a visit to the President, Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture, Chief Alaba Lawson.

According to him, a lot of goods are moving from Nigeria to other African countries without being documented.

He said the council had initially estimated such trade as $8bn annually, but going by the calculation of the International Trade Centre in Geneva, over $40bn worth of goods were informally exported.

Awolowo worried that this informal trade did not reflect on the economy and sought the NACCIMA’s collaboration to formalise the trade.

He said, “We want to work with NACCIMA to formalise this informal trade. We have to work with your chambers in all the states of the federation. We have to give these small business owners incentives that will make it better for them to do business.”

According to him, in order to aid small businesses, the Federal Government has introduced the Export Development Fund, a pre-shipment incentive that will help start-ups to grow and export.

Awolowo said the council had concluded plans to organise buyers market all over the world for Nigerian products.

He also sought NACCIMA’s collaboration in driving the zero oil plan, an initiative that would make Nigeria survive in a world economy without selling oil.

He said, “We have 11 non-oil sectors where we can earn foreign exchange and one of them is the petrochemical sector, which is a $150bn global market.

“Nigeria is not playing in this market because it is importing; but we are a petrol economy and that is where the paradox lies.”

According to him, the private sector has taken up the challenge of playing in the petrochemical market.

Alaba-Lawson on her part said that stronger collaboration between NEPC and NACCIMA would be feasible and fruitful.

She appreciated the council’s usual support and its readiness to sponsor 10 Small and Medium Enterprises to attend the 22nd American Food and Beverage Show and Conference slated for October in Miami, United States of America.

The show, according to her, is an opportunity for Nigerian goods to penetrate the global market and create market for the SMEs in line with NEPC’s vision to make the world a market place for Nigerian products.

https://www.financialwatchngr.com/2018/04/29/nepc-says-nigerians-unofficially-exporting-40bn-goods-annually/

Mynd44, Lalasticlala, Seun

What about the formal ones?

lol exactly what about the formal ¿ maybe bubu took the document to US, Atiku should go and get it Na. leave people who choose the informal export , if u did not do anything about the formal/documented one my dear u can still not do anything while formalizing the informal one thank you.

unofficial bawo like Cocaine, Weeed, Codeine... i remember one time like dat i sent full Carton of Baby Oku to my Nigga in Italy bkuz dey dont av ova dere...

READ COOL INTERESTING STORY HRRE
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I somehow concur cos myself I know how much I do use to send parcels to UK , that's just me alone o

One of the several agencies which are not effective

I dont really believe this tho

$40b is nothing compared to what is going out of the Country daily without due process. I am involved in the solid minerals sector, especially the gemstone sub sector. I know what is happening there and I weep for the Country.

One of the reasons is because many Nigerians are not aware that it is very easy to obtain Export License. Some foreigners are economic saboteurs and Government agencies responsible to checkmate that have all gone for holidays. However, the real culprit is the Nigerian Customs. They don't do their jobs at the boarders. They are only good at terrorizing people inside the Country. See the post on the link bellow on how you can easily obtain your Export License in 24 - 72 hours: https://www.nairaland.com/4361802/how-get-export-license-nigeria

GeneralOjukwu:
If it's unofficial, how the eff can they make such an estimate ?

I initially supported this government but they tell too much lies as propaganda.

They have embarrassed themselves too much - Audu Ogbeh claiming Thailand's rice mills are shutting down... Garba Shehu claiming Buhari was first president to be invited to White House etc.

which kind life you and your friends dey live

Lols why you change am?

Everybody he has changed what he wrote oh. He said he used to send Baby Oku Gin to his friends in Italy.

Check well e go pass! Yet the administration said they are fighting corruption abi... Yeye de smell

na paddy paddy things , if u know u know, lol.........for your leather works, shoes sandals slippers 0-8-1-8-1-6-6-3-6-1-6.

Including foreign oloshos by politicians...

overhypedsteve:
which kind life you and your friends dey live

Lols why you change am?

Everybody he has changed what he wrote oh. He said he used to send Baby Oku Gin to his friends in Italy.

??... Are you OK? Take your meds ASAP

I'm part of those exporting and earning over $1000. Which I'm sure is not being documented. On the other hand, there is nothing new in this report, Igbos have been exporting goods all over Subsaharan Africa using Onitsha, Lagos, Nnewi and Aba as launchpads.

I think exports may be as high as mentioned if all informal exports globally are included not just West Africa or Africa.

It is time to start taxing passangers for handbags and boxes I guess. I am sure this is a means to placing levy on peope.

Divinehealer:
It is time to start taxing passangers for handbags and boxes I guess. I am sure this is a means to placing levy on peope.

And make their goods uncompetitive?

Governments do the opposite and ensure exports are competitive.

grandstar:


And make their goods uncompetitive?

Governments do the opposite and ensure exports are competitive.

Lets watch the drama unfold!

kudosamass:
The reason is because many Nigerians are not aware that it is very easy to obtain Export License. Some foreigners also are economic saboteurs. But the real culprit is the Nigerian Customs. They don't do their jobs at the boarders. Only good at terrorizing people inside the Country.
See the post bellow on how you can easily obtain you Export License in 24 - 72 hours:
https://www.nairaland.com/4361802/how-get-export-license-nigeria

Company tax should also be reduced to 15% so as to encourage informal exporters formalise their activities. High tax rates discourage documentation

Nice

Vacancy apply Now

How did u knw since it is unofficial. Always bandying figures around without thinking.

One thing I know for a fact is that the informal business sector if properly captured is a very big sector possibly bigger than most people thoughts

Rather impressive I must say and hopefully it gets bigger.

A lot of informal exportation to other African countries is going on as one needs to go NAHCO shed to see activities.

The children of hate will continue to hate. But records don't lie. Baba carry go till 2023.

I knew it, its unofficial. Who would have bilivit, its unofficial. Officially unofficial, obviously unofficial, unofficially it iz.
Nawa Ooo!!!