In its bid to enhance Nigeria’s competitiveness in global trade, the World Trade Centre (WTC), Abuja, yesterday launched an export launch pad.
Alongside the WTC Abuja Trade Desk, the Vice-President, Mr Ahmed Adelaja, unveiled it shortly after a webinar on “Navigating Global Uncertainties and Breaking Barriers to Growth, part of its series on `Nigeria`s Trade Competitiveness.”
Speaking, he described the pad as WTC Abuja’s flagship business accelerator, designed to empower Nigerian exporters, particularly small and medium-scale enterprises to compete successfully in international markets.
Adelaja said the transformative initiatives were in response to the constraints identified limiting Nigeria`s competitiveness to global trade which aligned with Nigeria`s economic diversification agenda and the African Union 2063 Agenda among other policies.
He said the initiatives would provide solutions to concerns such as product packaging, compliance to international standards and access to logistics concerns.
“It will provide export-ready diagnostics, sector-specific market intelligence, packaging and compliance advisory and access to logistics partners, trade finance and verified international buyers.
“It will also serve as a pipeline for African Continental Free Trade Area (AfCFTA) trade, ECOWAS regional integration and global exports, focusing on agriculture, manufacturing, the creative economy and services, “ he said.
According to him, the WTC with the unveiling of the export pad aim to ensure that no viable export idea in Nigeria fails due to lack of knowledge, access or support.
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While unveiling the WTC Abuja Trade Desk, he said that it would serve as a dedicated liaison and support hub for exporters.
Adelaja added that the services of the desk would also include offering market entry assistance, regulatory support, documentation guidelines, policy issue escalation, and business matchmaking through the global WTC network.
The Vice-President said the trade desk will also work with relevant organisations such as the chambers of commerce, trade agencies, international partners, stating that the WTC is determined to become a bridge to global opportunity.
In his presentation, the keynote speaker, Prof Jonathan Aremu said that Nigeria`s trade competitiveness was facing both global uncertainties and domestic barriers to growth such as global volatility, weak oil process and infrastructure deficits among others.
The professor of International Economics Relations said that navigating uncertainty and breaking barriers to enhance Nigeria’s Trade Competitiveness involved a multi-faceted approach from both the public and the private sector.
He said the approaches include forming strategic partnerships, embracing digital transformation, diversification, local sourcing and regional import substitution, sequencing and negotiating Nigeria’s trade agreements, and reordering the priorities of trade formulation and negotiation.
He explained that Nigeria should expand the range of products or services offered can help businesses reduce their reliance on any single revenue stream.
“Exploring new markets, either within Nigeria or internationally, can help businesses spread risk; by targeting different customer segments or expanding into new geographical areas.
“Diversifying investments across different asset classes and currencies can help protect against inflation and currency devaluation, “ he said.
On his part, Mr Kevin Oye, the President, National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) said that non-oil exports, account for less than 10 per cent of total exports.
Represented by the Director of the Abuja Liaison Office, Mahmud Ahmed, he stated that the private sector plays a vital role in export competitiveness.
Oye explained that this is achieved through driving product and process innovation, powering production infrastructure, strengthening supply chains, and promoting global marketing.
Other speakers at the webinar include Mrs Nonye Ayeni, the Executive Secretary, Nigerian Export Promotion Council, Mrs Blessing Irabor-Oza, President, Organisation of Women in Trade OWIT, Nigeria and Mr Ajibola Odukoya, the Chief Operating Officer of AFRI-LABS.