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IEOM NIGERIA
November 29, 2022

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 1160 words, a 4-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. This growth rate declined by 1.29% points relative to 3.54% in Q2 2022. The reduction in growth is attributable to the base effects of the recession and challenging economic conditions.

  • Nigeria's non oil exports hit $4.99 billion in first three quarters - CBN

  • UK, Nigeria Trade Volume Hits £5.5bn

  • CSR: 225 Women Get Agro-Export Training

COMING TODAY - All times WAT

Nigeria's Central Bank Governor, Mr. Godwin Emefiele will deliver the Keynote Address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, holding at Eko Hotel & Suites, Victoria Island, Lagos, today at 8.30am. Watch here.

NON-OIL EXPORT 

1 big brief: Nigeria's non oil exports hit $4.99 billion in first three quarters - CBN

Godwin Emefiele, Nigeria's Central Bank governor

Nigeria's non oil exports reached $4.99 billion in the first nine months of 2022, higher than the $4.19 billion achieved in all of 2021, Nigeria's central bank governor, Mr. Godwin Emefiele stated this at 2nd Bi-Annual RT200 Non-Export Summit held in Lagos today.

Why it matters: Due to the scarcity of "Green-Back" foreign exchange, Nigeria has witnessed increase demand of US dollar as well as the depreciation of its currency (naira).  

  • In a bid to finding a solution, the maiden edition of the summit held last June with non-oil export stakeholders and financial institutions committing to help deepened the RT200 program, by increase export trade to boost foreign exchange repatriation. 

💬What they're saying: "A total of $4.987 villion have been repatriated into the country by non oil exporters, higher than $4.19 billion repatriated the whole of 2021," Emefiele said.

The Bottom line: The central bank of Nigeria (CBN) had earlier launched the RT200 Non-Oil Export Proceeds Repatriation Scheme in February to raising $200 billion in FX earnings in the next 3-5 years. 

TRADE ROUNDUP

TRADE | UK, Nigeria Trade Volume Hits £5.5bn

The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at 5.5 billion pounds.

  • “Of this 5.5 billion pounds, total UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of Q2 2022."

EXPORT | Fed Govt Bans Export Of Raw Gold

  • The Federal Government has banned the export of raw gold, gemstones and other solid minerals, Mines and Steel Development Minister, Mr. Olamilekan Adegbite, said. The ban, according to the minister, followed the recently approved ‘Down Stream Mineral Policy,’ by the government.

UPCOMING TRAINING - ABUJA

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

🗒️ CSR: IEOM Trains Women on Agro-Export

The opportunities in export are great but the lack of export knowledge has been the challenge plaguing the sector from realizing its full potential. As part of its corporate social responsibility, the Institute of Export Operations and Management (IEOM) in the partnership with Aaron and Hur Foundation carried-out an Agro-Export Development program targeted at training Women in Ayama community, Ndoki, Rivers State, South-South Nigeria.

Why it matters: In line with the UN Sustainable Development Goals(SDGs) with particular focus on goals 1, 2, 5, and 8 respectively, developing the export knowledge is a strategic mechanism to help local producers and farmers increase their earnings, fight poverty, hunger, increase gender participation in export business and boost the nation's economy.

Mrs. Odibe, Head, Women-in-Export, facilitating the training session.

Zoom out:  The training session had in attendance the Mr. Ofon Udofia, CEO/Executive Secretary of IEOM, officials of the partner Foundation and 225 community women participated in the training program where they were exposed to various aspects of export business. 

As an institution with a mission of empowering people with export knowledge, we're looking for partnerships and sponsorship to enable us increase access to export training and reach out to more communities. More training picture below.

UPCOMING TRAINING - PORT HARCOUT

IEOM

The Institute of Export Operations & Management, as a Trade Support Institute is out to stimulate and facilitate non-oil export in Nigeria. Our vision is to become the foremost independent provider of export training and best research practice in Nigeria. In line with our mission, our intensive training progams both online and on-premise among others are designed to optimize your trade capacity and knowledge. We actualize this through the following: 

  • Access to Low-Interest Loan from our partner Bank*

  • Export breakfast meetings

  • The Export Brief magazine

  • Seminars and workshops

  • Banker and Exporter training

  • Trade access and facilitation

Trade Intelligence Unit (TIU) is a division of IEOM Nigeria, providing export trade information, research, insights and analytics for organizations, agencies of government, businesses and individuals to help them make informed decisions. We help our clients by leverage on our proprietary tools to create access into our rich trade database in delivering innovative solutions.

Join us in our quest to make Africa's largest economy to be self-sufficient through non-oil export and become a member of IEOM.

*We have partnered with Standard Chartered Bank Nigeria in creating access to low-interest loans for our MSMEs members.

For enquiries on memberships, trainings and collaboration on sponsorships of events, newsletters and magazine you can reach us on +234 909 332 8361, +234 808 302 9491 or [email protected]. 

DATA WATCH 

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 TWEET OF THE WEEK

PHOTOS OF THE WEEK

Officials of IEOM and Aaron and Hur Foundation at the training.

NEW CURRENCY LOOK & EXPORT: Pic 1: Nigeria's President Muhammadu Buhari unveils new series of ₦200, ₦500 and ₦1000 banknotes. Pic 2: Participants with Mr. Ofon Udofia, CEO/Executive Secretary IEOM at the just concluded training program tagged: Women Agro-Export Development program in Ndoki, Rivers State, South-south Nigeria. Photo credits: CBN/Twitter, IEOM.

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