Local businesses urged to compete in non-oil sector
Local businesses urged to compete in non-oil sector
Nigerian businesses have received a compelling call to seize the opportunities emerging from the African Continental Free Trade Area agreement by venturing into the non-oil export sector.
Zenith Bank, on Thursday, hosted an International Trade Seminar titled “Start Local and Go Global with Non-Oil Exports.”
For decades, Nigeria has heavily depended on crude oil as its primary revenue source, resulting in a mono-product economy.
The National Bureau of Statistics reports that revenue from crude oil sales accounted for more than 79 per cent of the total income made from exportation in the first half of 2023.
The Chief Executive Officer of 3T Impex Trade Academy, Bamidele Ayemibo who spoke during the seminar said Nigerian businesses must start looking at export, especially in the non-oil sector, leveraging on the AfCFTA agreement.
The AfCFTA agreement, according to the World Bank, connects 1.3 billion people across 55 countries with a combined Gross Domestic Product valued at $3.4 trillion.
“It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
Ayemibo emphasized that market is filled with opportunities, urging businesses to equip themselves with knowledge, comprehend market dynamics, and seek guidance to navigate the global market successfully.
He highlighted the imperative to address key factors, which he categorized into four critical domains: company, capacity, country, and companion factors.
According to Ayemibo, these four areas collectively determine the preparedness of promoters and businesses stepping into the export domain.
Under the “company” factors, he encompassed product readiness, market preparedness, pricing strategies, and staff readiness.
Punch Newspaper
