Market News

President of the Nigerian-American Chamber of Commerce (NACC), Adebola Williams, has regretted that despite Nigerian goods being sought after overseas, the country keeps losing millions of dollars yearly for rejected goods.

Attributing this to the tendency to cut corners, lack of proper documentation and inadequate information to guide exporters, Williams expressed deep sadness that Nigeria has failed to maximise the numerous benefits of the African Growth and Opportunity Act (AGOA) compared with many other African countries.   

Speaking at a press briefing to announce the chamber’s upcoming African Food and Products Exhibition (AFPE 2024), the vice chairperson of the exhibition, Yemisi Ogundipe, said many countries have urged that AGOA be extended to 2030 and the organisation is in support. She added that they are looking to explore non-oil commodities export but local exporters must get the standards right. 

“We must organise the non-oil commodity sector to be able to trade effectively under AGOA. We are losing a lot from not exploring the export sector and we must begin to do things well to start thriving in this area. Nigerian goods are truly sought after all over the world but we must get it right,” she said.  

Williams revealed that the volume of trade recorded when the last exhibition was held in 2018 was between 350-400 million Naira, and said they are set to greatly improve upon this figure. 

Revealing that they have been unable to hold the exhibition physically since then for several reasons, she said it is back fully now. Adding that exporting finished products was better, she said many Nigerian manufacturers have realised this and are working towards this. “In terms of competition, Nigerian goods are highly sought after abroad and if we come to co-operate in terms of production and export, we will be able to sell competitively internationally as prices would be reduced,” she said. 

AFPE chair, Ayo Stuffman, pleaded with the government to come to their aid in assisting to ensure products meant for export move quickly out of Nigeria. He lamented the endless delays at the ports, which he said contributes greatly to the high number of returned goods.  

Speaking at the exhibition, he said since its inception, it has successfully provided a platform for Nigerian member and non-member organisations to showcase goods, products and services to local and diasporan audiences. 

Adding that over 3000 attendees and 100 exhibitors are expected from local, regional and international markets, he said the exhibition is a valuable and veritable platform to showcase products and services, launch into new markets and establish new business connections.

Adding that the exhibition will hold for one day on the 20th of April 2024 at Harbour Point in Victoria Island, Lagos, he said the theme is, ‘Actualising sustainable Economic Growth – ‘Think Global, Be Local’.

Stuffman added that the US Consul General will be present at the exhibition, alongside the commercial attaché of the US Industry and Trade to Nigeria, Nigeria’s minister of trade and investment, investors, government agencies, trade export experts, startups, and medium/large scale enterprises among others.
    
Speaking, the acting Director-General, NACC, Wofai Samuel, highlighted the platform as an opportunity to promote intra-Africa trade, maximise the opportunities inherent in the African Continental Free Trade Area (AfCFTA) and boost non-oil exports which she said is key to sustaining the country’s economic growth.
    
Samuel said SMEs across the continent will be given a veritable platform to showcase manufactured goods, generate new clients and sales opportunities and above all, connect with new markets. “I am very pleased as this speaks directly to the NACC’s objective, which continues to deliver on trade dividends for businesses, especially in Nigeria,” she concluded.