Growing Nigeria's non-oil exports

Nigeria, like many other oil-dependent countries, is looking to diversify its economy and boost foreign exchange through non-oil exports. Dr. Obiora Madu, CEO of Multimix Academy and Chairman of the Export Group at the Lagos Chamber of Commerce and Industry, sheds light on the potential of exporting services to drive growth in Nigeria's economy. In a recent interview with CNBC Africa, Dr. Madu emphasized the importance of focusing on services as a key driver of economic growth. He highlighted that services make up two-thirds of the global trade market and are crucial for shielding the economy from various challenges faced by the manufacturing sector. However, one key issue is the lack of formal tracking and statistics for services exports in Nigeria. Dr. Madu pointed out that while services account for about 60% of the economy, only 10% is currently reported as being exported. This presents a significant opportunity for Nigeria to tap into the growing global demand for services and leverage its expertise in areas such as financial services, telecommunications, and educational services. Dr. Madu also mentioned that Commonwealth has assisted Nigeria in developing a services export strategy to build the capacity of trade promotion organizations and business development service providers. The goal is to strengthen Nigeria's position in the services export market and capitalize on the knowledge-based economy. In the short term, Dr. Madu highlighted the importance of implementing a national strategy to identify key products for export and work with stakeholders to maximize their export potential. He emphasized the need for data-driven decision-making to track the impact of exports on the economy and measure progress effectively. On the infrastructure front, Dr. Madu acknowledged the challenges faced by exporters in navigating logistics and transportation issues. He stressed the importance of enhancing logistics infrastructure and incentivizing exporters to streamline the export process. Dr. Madu also mentioned a technical committee working on a basket of incentives for exporters, including those in the services sector, to support and promote non-oil exports in Nigeria. Overall, the conversation with Dr. Madu underscores the significant potential of services exports in driving economic growth in Nigeria, while also highlighting the need for strategic planning, infrastructure development, and policy support to maximize the benefits of non-oil exports for the country's economy.