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Tag: Trade Volume

  • Nigeria’s trade volume records 20.7% growth – NEPC

    Nigeria’s trade volume records 20.7% growth – NEPC

    The Nigerian Export Promotion Council (NEPC) has announced that the country’s trade volume in 2024 reached 7.2 metric tons, with a 20.7 per cent increase in value, totaling 5.45 billion dollars.

    Dr Nonye Ayeni, Executive Director of NEPC, made this statement during the Ministry of Industry, Trade, and Investment’s retreat for the presentation of the 2025 roadmap on Monday in Abuja.

    “In terms of value, we grew by 20.7 per cent to 5.45 billion dollars, and we are now represented in 126 countries.

    “This is a clear indication that Nigeria is making significant progress.

    “The Renewed Hope Agenda of President Bola Tinubu is making a positive impact, and our efforts are showing results.

    “We expect even better performance in 2025 as we continue to strengthen our drive,” Ayeni said.

    Ayeni highlighted that the NEPC’s mandate was to diversify the nation’s economy away from oil dependency by promoting non-oil exports.

    She emphasised the council’s commitment to building the capacity of exporters, from the farm gate to market access.

    “We are dedicated to working with exporters, improving their capacity in good agricultural practices, and ensuring we achieve the council’s mandate,” Ayeni said.

    She said in 2024, the NEPC conducted about 629 capacity-building programmes across the country, partnering with development organisations and agencies.

    Ayeni stated that the council was working across all borders, from the North to the South and West, to mainstream export efforts.

    “By mainstreaming these initiatives, we aim to increase the volume and value of non-oil exports, which will, in turn, help to build the capacity of exporters.

    “We also want to offer international certifications to our exporters free of charge, enabling them to access niche markets and sell their products globally,” she said.

    Additionally, Ayeni emphasised the NEPC’s focus on connecting Micro, Small, and Medium Enterprises (MSMEs) with experienced exporters, offering training in various skill programmes.

    “Our commitment to these efforts will significantly contribute to increasing the volume and value of Nigeria’s non-oil exports,” she said.

  • Nigeria, Mexico trade volume hit $600m

    The trade volume between Nigeria and Mexico has grown by 360 percent from 166.5 million dollars in 2012 to 600 million dollars in 2016.

    The Mexican Embassy, Deputy Head of Mission, Rodrigo Tenorio, made this known in an interview with newsmen in Abuja on Monday.

    He spoke on the sideline of a roundtable for working business discussion on trade mission to Mexico organised by the Nigerian-Mexican Chamber of Commerce and Industry (NMCCI) and Mexican Embassy.

    “Though the figure may be small but in reality, it is a huge transaction that we have in the last 15 years, which was then 45 million dollars.

    “What that means is that it has grown more than 500 times in 15 years and our aim and goal is to ensure it grows more.

    “There are some similarity between Nigeria and Mexico, we are predominantly largest and young population and we are about powerhouse of our region just as Nigeria in Africa,” he said.

    According to him, Mexico sees Nigeria as a natural springboard to stand for the entire Africa and the main goal is to make sure that Nigeria is known as number one economy in Africa.

    He said that the major challenge in the relationship between the two countries was that they did not know each other well.

    “We do not know each other, Mexico is known for drugs while Nigeria is known for Boko Haram and other social vices.

    “But there is much more than that, what is most important in building the relationship is to know each other better.

    “Once we know that Mexico is more than drug cartel and baron, Nigeria is much more than a small group in the north causing trouble,” he said.

    According to him, if we know ourselves better the business people could sit down and start discussing potential businesses for the future.

    The Vice President of NMCCI, Dr Chukwuemeka Elele, said that the Chamber was launched in December 2014 as part of efforts to further strengthen the bilateral trade relations, between the two countries.

    He said the chamber had organised its first trade mission to Mexico in May 2015 with 35 Nigerian entrepreneurs participating.

    The trade mission, he said, had given birth to a lot of successful firms in Nigeria today in term of export to Mexico, saying that there was a lot for Nigeria to gain in business relationship with Mexico.

    He said that Mexico Business Summit was coming up October 2017 and urged Nigerian businessmen to take advantage of the opportunities in Mexico.

    According to him, the Nigerian Investment Promotion Commission, Nigerian Export Promotion Council and the Nigerian Export-Import Bank also participated in the trade mission.

    “These three organisations signed Memoranda of Understanding with their counterparts in Mexico to promote bilateral trade, investment, joint ventures and strategic alliances.

    “These agreements have created opportunities for business in Mexico.

    “We are looking at what each country can gain from each other; we are not looking at one-sided economy but a mutually beneficial relationship, he said.

    He said that before now 80 percent of Mexico’s revenue used to come from oil just like Nigeria and 20 percent from the manufacturing sector.

    “However, today they have changed the equation, only 20 percent of their revenue comes from oil and 80 percent comes from manufacturing.

    “And today the economy is doing very well and Nigeria is now treading the same path, understanding the fact that mono-economy is dangerous; we can learn a lot from Mexico,” he said.

     

     

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