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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 1322 words, a 4-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria's headline inflation for August 2022 was 20.52% according to the data released by NBS.

• Agro-Export Rejects: Nigeria Receives Expert's Report

• NEPC, NEXIM to assist MSMEs with new export opportunities

• Why Nigeria must add value to its cashew nuts — Obasanjo

NON-OIL EXPORT 

1 big brief: Agro-Export Rejects: Nigeria Receives Expert's Report

Nigeria's government has received the Report of an Expert Committee which was set up to advise on how to prevent the rejection of agro-exports from the country.

Why it matters: The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, who received the committee’s report noted that the Committee’s recommendations when implemented will increase the export of agricultural commodities and boost foreign exchange earnings for the country.

The big picture: According to a UNTCAD report, this is especially true for exporters from the 48 least developed countries, who lose an estimated $23 billion a year – that’s 15% of their exports, which far exceeds the loss incurred by the remaining tariffs – because they are unable to comply with non-tariff (e.g. sanitary and phytosanitary) measures. The cost of rejection on exported products is huge.

• Committee noted major concerns such as food safety, technical barrier, non-adherence to best practices and disregard for basic requirements as largely responsible for the rejection of our agro-exports abroad.

💬What they're saying: “By this singular act, you have demonstrated your capability to accomplish much within a very short space of time. And I urge you to keep it up as more assignments will be coming your way in the implementation of the recommendations.” - Otunba Niyi Adebayo, Nigerian Minister of Industry, Trade & Investment.

• “The Agriculture (FMARD) and Trade (FMITI) Ministries should collaborate with Research Institutes to scale up Research and Development activities for the improvement of produce, products, packaging and labeling requirements,” - Mr. Suleman Audu, Director, Commodities and Export FMITI.

The highlight of recommendations: FMITI and FMARD should have a dedicated budget to fund the Global GAP training, traceability and certification of all their farmers, to enable their products to qualify for exports, under the Federal Government initiative.

• The private sector should be enabled by the Federal Government, to develop a QR Code Traceability Card for the registration of all the operators and their agricultural commodities, in order to enhance transparency, traceability and engender visibility and acceptability for exportable agro commodities.

The bottom line: Presenting the recommendations to the Minister, the Chairman of the Committee, Mr. Suleman Audu, urged the government to embark on a sensitization and awareness programme on the need for farmers and operators in the agricultural value chain to secure and adopt the Global GAP certifications in collaboration with the private sector.

TRADE ROUNDUP

EXPORT | CBN: More Commodities Now Being Captured to Earn $200bn Forex from Non-oil Exports

• The Central Bank of Nigeria (CBN) has declared that its RT200 policy has begun to attract more commodities into the Nigerian export ledger just as the United Bank for Africa (UBA) has revealed that 200 exporters accounted for 95 percent of the $4.2 billion Nigeria earned from non-oil export in 2021.

TRADE | Why Nigeria must add value to its cashew nuts — Obasanjo

• The Nigerian former president said that the country grows a lot of raw cashews but only processes a fraction of them, missing out on a wealth of opportunity offered by booming global demand.

UPCOMING TRAINING

EXPORT PROMOTION

🗒️ Briefing note: NEPC, NEXIM to assist MSMEs with new export opportunities

Nigerian Export Promotion Council (NEPC) and the Nigerian Export-Import Bank (NEXIM) are collaborating to assist micro, small and medium enterprises (MSMEs) by building their export capacity, so as to help them explore enormous opportunities in the sector. This was disclosed at an Exporter's Forum recently.

Why it matters: In order to prepare businesses for global export markets, NEPC has been undertaking trade facilitation, conducting an export audit, building export readiness competencies, and providing support in getting access to high-quality training, branding, packaging, and certification and documentation.

• Exportable products need not only to be certified but also to meet market standards. As certification would enable them to compete with similar products globally and resolve the problem of rejection of goods abroad.

📊By the numbers: About seventy (70) MSMEs sponsored by the agency received the certification of their products on hazard analysis and critical control points.

• Also, another batch of 40 exporters received their food and drug administration certificate for their products to access the US market.

💬What they’re saying: “The NEPC, in collaboration with a private sector operator, opened the first Nigeria Export Trade House in Cairo, Egypt and in Lome, Togo and recently Nairobi, Kenya.”." - Mr. Ezra Yakusak, Executive Secretary/CEO Nigerian Export Promotion Council (NEPC).

• “NEXIM Bank facilities are mainly targeted at MSMEs and since inception, the bank has supported over 1,000 MSMEs including start-up projects some of which have grown to be enlisted among the CBN’s list of top 100 exporters."

• “We, therefore, seek and welcome partnership opportunities with entrepreneurs and project promoters in identifying and funding viable projects, particularly in the areas of manufacturing, agro-processing, solid minerals, and services.” - Mr. Mohammed Awani, Head of Specialised Business at NEXIM.

The bottom line: The partnership would create greater opportunities for entrepreneurs and project promoters in meeting export requirements and identifying and funding viable projects, particularly in the areas of manufacturing, agro-processing, solid minerals, and services.

IEOM

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.

DATA WATCH 

 TWEET OF THE WEEK

🐦 INCOTERMS: What about it?

PHOTOS OF THE WEEK

A HOMELY VISIT ABROAD: Pic 1: Mr. Babajide Sanwoolu, Governor of Lagos State, Nigeria paid a courtesy visit to Dr. Ngozi Okonjo-Iweala, DG, WTO in Geneva, Switzerland recently. Pic 2&3 (L-R): Mr. Ofon Udofia, Executive Secretary/CEO, IEOM with a team from Sology led by Mr. Alexey Vakhromov, Director, New Markets Development and Mr. Dennis Aribido, Head of Trade, Research & Intelligence, IEOM during a visit of Sology to IEOM in Lagos, Nigeria. IMAGE CREDITS: 1. Twitter/BabajideSanwoolu, 2. IEOM.