The 2017 statistics from the international trade centre has shown that Nigeria accounts for only one per cent in value of African imports from the world.
While this is disappointing, it demonstrates opportunities and also validates the case for improved intra African trade engagements.
The Executive Director, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo disclosed this during the Intra African Trade Fair (IATF) in Abuja. He said a thorough look at Africa’s products demand from around the world shows Nigeria is suitably positioned to replace supplies from other regions of the world on some key products.
He said: “Looking at Nigeria’s export potential, while regions in Europe, Asia and North America present the greatest potential markets, African sub-regions feature among the top 10 markets. We found that four of Africa’s high demand products are among Nigeria’s 11 priority products identified to diversify our export base under our Zero Oil Plan. These export potential products signify investment opportunities along value chains for each sector.
“Among the landmark partnerships are loan agreements signed between the Dangote Group for $650million and the Bank of Industry (BoI) for $750million.”
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