Tuesday, 14 May 2024 04:26

Nigeria's manufacturing export revenue drops 166 percent, World Bank reports

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Nigeria's manufacturing export revenue has taken a significant hit, plummeting by 166% to ₦778.4 billion, according to the latest findings from the World Bank's 'Africa Pulse' report. This stark decline marks a sharp contrast from the ₦2 trillion peak recorded in 2019.

The report highlights a downward trajectory since 2019, attributing a substantial decline to the impact of Covid-19. In 2020, revenue dipped to ₦960.7 billion, followed by a modest recovery to ₦1.15 trillion in 2021. However, 2022 witnessed a substantial drop to ₦781.1 billion, further exacerbating to ₦778.4 billion in 2023.

The World Bank identifies poor infrastructure and inefficient logistics as primary culprits behind Nigeria's dwindling foreign trade. The cost of trade in Nigeria, as well as in Ethiopia, is reported to be four to five times higher than that in the United States due to various factors such as insecurity, high transportation costs, topography, and inadequate road infrastructure.

In response to these challenges, African producers tend to prioritize local sales over exports, exacerbating the decline in manufacturing export revenue. Local manufacturers and exporters have voiced concerns over the unfavorable business environment, which renders Nigerian products less competitive on the global stage.

The report's release coincides with efforts by the Nigerian Export Promotion Council (NEPC) to bolster export activities. NEPC has urged Nigerian exporters to comply with the requirements set by the General Administration of Chinese Customs (GACC) for exporting products to China, emphasizing the importance of understanding and adhering to regulatory guidelines.

President Bola Tinubu recently addressed challenges in Nigeria's import-export landscape, citing bureaucratic bottlenecks that result in annual losses of $4 billion due to infractions. Tinubu unveiled the National Single Window (NSW) project aimed at streamlining trade processes by ensuring 24-hour clearance of goods at ports and implementing a digital platform for import and export-related transactions.

Tinubu asserts that the NSW project will revolutionize trade facilitation, offering a seamless and efficient system that eliminates the need for multiple agencies and locations to obtain necessary permits and clearances.

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