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Happy Tuesday and Welcome to Export Brief. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

• ⏲️: This edition is 1335 words, a 5-minute read.

IN BRIEF

⚡ Situational awareness: UN Climate Implementation Summit dubbed COP27 opens in Sharm El-Sheikh, Egypt, with world leaders, envoys, delegates and members of civil society coming together in a unified front to further mobilize and prioritize the global climate agenda. 

• Afreximbank, BOI sign MoU to boost investments, trade

• Shea Butter Processing: A Boost in Value Addition

TRADE 

1 big brief: Afreximbank, BOI sign MoU to boost investments, trade

Boosting trade and investment inflows into Nigeria has been cemented through a Memorandum of Understanding between the African Export-Import Bank (Afreximbank) and the Bank of Industry (BOI), the Sun has reported.

Why it matters: The deal, among others, seeks to establish a Joint Project Preparation Facility (JPPF) that will provide early-stage project preparatory financing and technical support services to public and private sector entities operating in Nigeria.

• Under the MoU, Afreximbank and BOI will mobilize resources to unlock investments into sectors such as energy, transport and logistics, ICT, special economic zones. industrial parks, solid minerals and services (healthcare, hospitality and tourism, and the creative economy).

💬What they're saying: “We are quite pleased by this opportunity to, once again, partner with BOI in proffering a solution to one of the major challenges that have impeded the flow of investments that will boost Nigeria’s industrial development and export-oriented sectors. I am particularly pleased that Afreximbank and BOI are boldly venturing upstream to help investors develop well-structured projects that meet market standards.

• This intervention is timely as the JPPF will play a catalytic role in accelerating the diversification of the Nigerian economy by ensuring a steady flow of bankable projects in priority tradable sectors in a timely manner.

• In addition to enhancing bankability, the JPPF will, on a case-by-case basis, undertake feasibility studies to assess the viability of accessing markets in the sub-region, thereby promoting intra-African trade under the AfCFTA.” - Mrs. Kanayo Awani, Executive Vice President -Intra-African Trade, Afreximbank

• “Through this Memorandum of Understanding, we will harmonize efforts with Afreximbank for the promotion of trade and investment flows; undertake business development activities; and share project preparation pipelines in sectors of mutual interest. We will also be better positioned to provide technical, financial and legal services that will culminate in the supply of bankable projects, while promoting and raising awareness of project preparation activities in Nigeria and Africa at large. - Mr. Olukayode A. Pitan, Managing Director and Chief Executive Officer of BOI

TRADE ROUNDUP

EXPORT | EEG: Indigenous exporters allege exclusion in favour of expatriates

• EEG is a post-shipment incentive designed to encourage Nigerian exporters to expand export volume, value and improve the global competitiveness of Nigerian products. This is even as the country’s non-oil exports continued sustained increases over the last five years, a situation that would have reflected in the EEG benefits to the Nigerian exporters

PORT | NPA Inaugurates First Export Terminal In Lagos

• Nigerian Ports Authority (NPA) has inaugurated the first Nigeria’s export processing terminal, code-named Diamond Star Export Processing Terminal situated at Lilypond in Ijora, Lagos. The Diamond Terminal would ensure speedy and seamless processing of exported cargoes, accessing Apapa and Tin-Can Island Ports in Lagos.

UPCOMING TRAINING - ABUJA

IN THE NEWS

Tel Aviv: Benjamin Netanyahu's Likud party won Isreal’s election. Bibi’s victory and return as the Prime Minister was a strong survival.

A MESSAGE FROM GGI

Climate Action: With exploration comes the need for expertise and sustainability

At GGI, we combined expertise, innovation and sustainable practices in meeting our client's engagements. Our actions to mitigate climate change are central to making the world a better place. Learn more.

EXPORT PROMOTION

🗒️ Shea Butter Processing: A Boost in Value Addition

Nigeria as the largest producer of Shea Nuts in the world earned $8.19 million in 2021 from the $3.8 billion global Shea trade, due largely to a lack of value addition. 

• According to the Food and Agricultural Organization (FAO), Nigeria is the world's largest producer of Shea nut, capable of producing 500,000mt, with the wildly grown Shea trees predominant in 21 states across the country.

Why it matters: In a quest to harness these huge opportunities, the government is working with farmers, processors and exporters to reverse this trend and boost capacity in the area of value addition.

Zoom out:  This largest Shea butter processing factory in West Africa is nearing completion in Dikko, Gurara LGA of Niger State, North-Central Nigeria.

By the numbers: Two more new factories are coming up in Niger State with a combined production output of 700tpd. 

UPCOMING TRAINING - PORT HARCOUT

IEOM

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 TWEET OF THE WEEK

PHOTOS OF THE WEEK

THE WORLD GOES GREEN: President of Egypt, Abdelfattah Elsisi urges the world to move to concrete actions and effective implementation on climate. Photo credit: COP27/Twitter