The Manufacturers Association of Nigeria has stated that the government’s disregard for the productive sector is to blame for the N285 billion annual fall in Nigeria’s exports of raw materials.
According to a National Bureau of Statistics examination of foreign trade statistics, exports of raw materials decreased to N345.5 billion in the first half of 2023 from N630.5 billion during the same period in the previous year.
According to a breakdown of the H1 2023 number, the entire country exported N200 billion in Q1 and N145 billion in Q2, as opposed to N259.4 billion in Q1 and N371.10 billion in Q2 2022.
Urea was shipped to the United States during this time, whether it was in aqueous form or not, while Switzerland received non-financial gold exports, including gold-plated with platinum.
Cocoa shells, husks, skins, and other cocoa waste headed to Indonesia, as well as unwrought or semi-manufactured gold headed to Switzerland, also dominated the export list.
The president of the Manufacturers Association of Nigeria, Francis Meshioye, recently blamed the country’s dwindling exports on the high cost of production.
He claimed that local producers cannot compete on price with producers in other countries who have lower production costs.
“We will urge our people to exert themselves more, but all of these actions are motivated by competitive benefits, Meshioye remarked. It’s okay to desire to export a product, but how much are you willing to pay to do so?
“What will you charge? Exporting will be challenging if the price is outrageous. It’s circular. Of course, we need a strong economic foundation in order for the export base to be strong enough to maintain the floating exchange rate.”
