FG promises to streamline regulations for exporters

The Federal Government, through the Ministry of Industry, Trade, and Investment, has pledged to tackle overlapping agency responsibilities that increase costs for exporters. Dr. Jumoke Oduwole, the Minister for Industry, Trade, and Investment, made this promise during a ministerial consultation with the top 100 exporters in Lagos on Tuesday, where stakeholders from various sectors gathered to discuss challenges in the export industry.

She highlighted the persistent bureaucratic inefficiencies, including conflicts among agencies like the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control, which burden manufacturers. She stated, "The challenges, the silos, the miscommunication, and overlapping duties that make things costlier for the private sector are nothing new to me. To not address these issues is to shoot ourselves in the foot and leave value on the table. Mr. President (Bola Tinubu) has given me marching orders, and together with my colleagues, we will deliver this for the Nigerian economy."

The minister also emphasized the government's focus on supporting both goods and services exports, particularly in digital trade, which she described as a "low-hanging fruit" for Nigerian youth. "We’re also supporting Nigerian exporters of services, which is one of the lowest hanging fruits for allowing Nigerian youth to earn foreign exchange while living in Nigeria by exporting their services. They’re talented in areas of digital trade. Nigeria is going to be a leading, dominating force in that regard," Oduwole asserted.

She urged stakeholders to remain committed, stating, "The reforms may be tough, but we’re already turning the corner. Let’s all continue to work together to make this economy thrive."

Meanwhile, Nonye Ayeni, the Director-General of the Nigerian Export Promotion Council, addressed exporters' concerns, emphasizing efforts to simplify export processes. Ayeni revealed that the NEPC had secured approval from the Central Bank of Nigeria to include the CFA Franc in accepted export proceeds. However, she lamented that exporters currently need to fill out up to 23 documents to open a Non-Oil Export Support Programme account but vowed to reduce this number with the minister's support.