Nigeria’s Trade Ministry and CBN Join Forces to Boost Export Opportunities for Manufacturers
By NIGPOST Newsroom | December 30, 2024
The Federal Ministry of Industry, Trade, and Investment is making strategic moves to transform Nigeria’s export landscape in collaboration with the Central Bank of Nigeria (CBN). This partnership aims to create a conducive regulatory framework that supports local manufacturers and encourages a seamless export process.
Speaking on the initiative, Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, highlighted the government’s dedication to fostering a supportive environment for exporters. She revealed ongoing policy discussions with the CBN and other stakeholders to ensure that exporters feel confident and motivated to repatriate their earnings back into the Nigerian economy.
Balancing Free Trade and Local Manufacturing Interests
Addressing stakeholders in Lagos, Dr. Oduwole clarified concerns surrounding Nigeria’s free trade zones. She emphasized that these zones are primarily designed to promote exports rather than saturate the domestic market.
“Nigeria is witnessing cases where some players in the free trade zones export 100% of their products into the domestic market. This disrupts local manufacturers who are compliant with tax obligations,” she stated.
To address this, Dr. Oduwole explained that only 25% of goods produced in these zones can be sold locally without taxes, ensuring a fair playing field for local manufacturers.
Commitment to Exponential Export Growth
The Minister reaffirmed the Ministry’s vision to achieve exponential growth in export revenues, especially in dollar terms. She stressed the importance of compliance and discipline within free trade zones, assuring stakeholders that the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority are actively monitoring operations to maintain order and fairness.
“The Federal Ministry of Industry, Trade, and Investment is committed to driving exports. We want to see a significant increase in export revenues and ensure that proceeds are returned to strengthen our economy,” she remarked.
Fostering Economic Unity
In her closing remarks, Dr. Oduwole underscored the government’s commitment to creating a balanced economic ecosystem. She acknowledged the concerns of the Manufacturers Association of Nigeria and other stakeholders, stating, “We are one economy. Our goal is to create policies that align the interests of all players to ensure sustainable growth.”
As Nigeria seeks to diversify its revenue streams and bolster its economy, this collaboration between the Trade Ministry and CBN is a step in the right direction. The government’s focus on regulatory clarity and compliance underscores its dedication to fostering a thriving export sector that benefits all Nigerians.
Stay tuned to NIGPOST for more updates on this and other stories shaping Nigeria’s economy.
Leave a Reply