Can Nigeria sustain export trade trajectory?

Nigeria's export trade trajectory has been a topic of discussion following the release of data from the National Bureau of Statistics showing that the country's total merchandise trade stood at 31.81 trillion naira in the first quarter of this year. Export accounted for 60.25 percent of total trade in the quarter, with a value of 19.16 trillion naira, largely driven by crude oil exports worth 15.48 trillion naira. Bolaji Sofuluwe, Group Managing Director at ETK Group, shared insights on the report in a recent interview. The conversation delved into the opportunities and challenges facing Nigeria's export sector, including the impact of currency fluctuations, competition from imports, and the need for value addition in exports. The interview also highlighted the importance of regional trade partnerships and the role of government policies in supporting export-oriented businesses. As Nigeria commemorates Democracy Day, the focus shifts to recommendations for the government to steer the economy in the right direction, with a spotlight on prioritizing export businesses, cost control, and leadership quality to drive sustainable growth and development. Despite the existing challenges, there remains optimism for the future of Nigeria's export trade, contingent upon strategic efforts and effective policies.