Nigeria’s manufacturing export has experienced a significant decline of 166%, plummeting to ₦778 billion, according to the World Bank.

Nigeria’s revenue from the manufacturing export sector has seen a sharp decline of 166%, falling to ₦778.4 billion from its peak of ₦2 trillion in 2019, according to a newly released report ‘Africa Pulse’ by the World Bank obtained by Channels Television.

The report highlights a downward trend since 2019, with a significant drop to ₦960.7 billion in 2020 attributed to the impact of COVID-19. Although a minor recovery was observed in 2021 at ₦1.15 trillion, a substantial decline occurred in 2022 to ₦781.1 billion, followed by another significant drop to ₦778.4 billion in 2023.

The World Bank specifically attributes Nigeria’s dwindling foreign trade to factors such as poor infrastructure and inefficient logistics. It notes that trade costs in Nigeria and Ethiopia are four to five times higher than in the United States due to issues like insecurity, high transportation costs, topography, and inadequate road infrastructure.

The report emphasizes the consequences of these challenges, including a preference among African producers to sell locally rather than export.

Manufacturers and export operators have voiced concerns over the challenging business environment in Nigeria, which they say makes local products uncompetitive globally.

The report’s release follows the Nigerian Export Promotion Council’s (NEPC) call for Nigerian exporters to comply with requirements for exporting products to various countries. At a recent workshop focused on enhancing Nigeria’s export potential and strengthening trade relations with China, the Executive Director of NEPC stressed the importance of understanding and adhering to the General Administration of Chinese Customs (GACC) requirements for successful export to China.

President Bola Tinubu, during the recent launch of the NSW project in Abuja, highlighted that Nigeria loses approximately $4 billion annually to import-export infractions due to bureaucratic bottlenecks, particularly at the ports. The NSW project aims to address these challenges by ensuring 24-hour clearance of goods at the ports and simplifying trade through a digital platform for import and export-related activities. Tinubu emphasized that this initiative would streamline trade processes, reducing the need to deal with multiple agencies and locations for necessary permits and clearances.