Business
Non-Oil Exports Earn N60bn In Q1
The country’s earnings from non-oil exports in the first quarter of this year was N60 billion about $413 million), down about N75 billion ($517 million) recorded in 2008.
The chairman, Board of the Nigeria Export Promotion Council (NEPC), Alhaji Yusuf Amazah, said in Lagos that there was a steady increase in non-oil exports until the first quarter of this year.
Amazah said at the Export Skill Acquisition Training Programme (ESPA), that total non-oil exports recorded an increase from $1.4 billion in 2007 to $1.8 billion in 2008.
He attributed the reduction in non-oil exports in the first quarter of this year to the current global financial crises, which he said, brought a lot of challenges to businesses all over the world.
He said that the federal government was concerned about smuggling of commodities through the borders and the illicit informal sector trade.
He said such activities deny the government accurate export and commodity data, revenue and raw materials for local industries.
Amazah stated that the workshop was meant to further equip participants with the requisite skills needed to acquire the export trade culture and be export ready.
“Export skills acquisition programme is a strategic framework for capacity building of the business community on non-oil and initiative toward developing a concrete trade training platform”, he said.
He explained that the training was targeted at exporters and would-be exporters, to create a pool of skilled exporters and encourage entrepreneurship to boost production.
The programme offers training modules that differ in scope and stages targeted at new comers in the export business and the existing ones.
He noted that such would enable them develop the needed skills and expertise, which exporters need to engage in export business in order to be more competitive in the global market.
In his remarks, the Managing Director of NEPC, Mr Aliyu Lawal, said that the workshop was in line with the mandate of the council.
He said that the council’s mandate is to promote non-oil exports and generate revenue for the country.
He reiterated the commitment of the NEPC to develop a more educated business community that could compete favourably at the international market.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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