The initiation of a revolutionary economic drive, named “Export774,” has been undertaken by the federal government. The primary objective of this endeavor is to move away from reliance on oil and embrace a more diversified trading landscape.
Led by the Nigerian Export Promotion Council (NEPC), this initiative strives to tap into the export potential of all 774 local government areas. Through this effort, the aim is to pave the way for economic rejuvenation and international eminence.
During the 2023 Export4Survival hiking campaign held in Abuja, Dr. Ezra Yakusak, the Executive Director of NEPC, emphasized the critical nature of exporting goods and services produced locally. This emphasis is placed to ensure Nigeria’s survival and prosperity.
Drawing a compelling parallel between export and survival, he declared, “Just as we need to exercise to survive, we also need to export to thrive and secure Nigeria’s economic future.”
At the core of the “Export774” initiative lies the creation of an all-encompassing compendium, a highly valuable asset designed for the benefit of investors and exporters. This compilation will illuminate the export possibilities spanning various regions, pinpoint prospects in terms of products, and evaluate market competitiveness. These insights will serve as a catalyst for heightened foreign investments and the emergence of new avenues for growth.
Yakusak affirmed that once the compendium is unveiled, it will stand as a readily accessible resource for both investors and exporters.
“If you want any product from the 774 local government you will be able to know exactly where to go, what kind of product and the potential of that product, and the market competitiveness of that product, let us say it will be an avenue to know the export potentials and also attract foreign investment,” the NEPC boss explained.
The non-oil export sector of Nigeria experienced a remarkable growth of 40 percent over the past two years, reaching a noteworthy sum of $5.6 billion in the year 2022. Building upon this positive trajectory, the first quarter of 2023 exhibited a promising repatriation amount of $1.7 billion injected back into the economy.
Yakusak revealed that the successful introduction of new products such as sorghum and orange peel has played a pivotal role in enhancing Nigeria’s range of exportable goods.
In pursuit of the ambitious objectives set by the campaign, Dr. Yakusak underscored the paramount importance of fostering a cooperative public-private partnership. He stressed the need for collective endeavors to promote the “Export774” initiative, encouraging businesses to adopt a mindset centered around exports and seize opportunities within the global market.
