Tinubu’s trade policy yielding result, Nigeria’s trade balance hit N6.5trn – Shettima

Vice-President Kashim Shettima says the Federal Government’s ongoing efforts to strengthen the country’s trade sector is showing promising results, as Nigeria recorded N6.5 trillion trade balance in second quarter of 2024.

Mr Shettima, represented by George Akume, Secretary to the Government of the Federation, SGF, said this at the 3rd National Conference on Non-oil Export on Tuesday in Abuja.

The News Agency of Nigeria reports that the conference was organised by the Nigerian Export Promotion Council, NEPC.

The theme of the conference was, “Promoting Non-Oil Export for Rapid National Economic Growth”.

The vice-president, said that the recently implemented trade policy aimed to increase the non-oil sector’s contribution to Gross Domestic Product (GDP) and enhance Nigeria’s position in global trade.

“For Nigeria to improve its balance of trade, there is a need to ensure the effective implementation of the country’s trade policy.

“With the policy, we intend to substantially increase the contribution of the trade sector to GDP and increase Nigeria’s share of global trade.

“It is encouraging to state here that the country’s total external trade recorded a favorable trade balance of N6.5 trillion in the second quarter of 2024,” he said.

According to him, exports accounted for 60.89 per cent of total trade, which amounted to N19.42 trillion.

He said that it represented a marginal increase of 1.31 per cent compared to N19.17 trillion in the first quarter, and a 201.76 per cent rise over N6.44 trillion in the second quarter of 2023.

Shettima expressed the government’s commitment to diversifying the economy and reducing its dependence on oil.

He also reiterated the commitment to streamlining regulatory frameworks to improve the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs).

According to him, removing obstacles to trade is key to empowering small businesses and strengthening Nigeria’s position in the global market.

While reiterating the importance for Nigeria to seize the opportunities provided by the African Continental Free Trade Agreement (AfCFTA), Shettima cautioned against the country being a dumping ground.