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 1006 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: Mineral production in Nigeria grew by 39.19% in 2021, from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improvement in production.

• Nigeria to export 99% of goods duty-free to UK from 2023

• Standards Organisation moves to boost Nigerian Export

NON-OIL EXPORT

1 big brief: Nigeria to export 99% of goods duty-free to UK from 2023

Nigeria is a beneficiary of the UK's government trade facilitation program named Developing Countries Trading Scheme (DCTS) to improve access to the UK market for developing countries. The DCTS will come into effect in early 2023 according to a publication released.

Why it matters: In line with the UK’s new International Development Strategy, the scheme contributes to developing countries’ integration into the global economy, creating stronger trade and investment partners for the future, and strengthening supply chains.

• It grows free and fair trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in the UK.

In more details: The trading scheme applies to 65 countries, offering lower tariffs and simpler rules of origin requirements for exporting to the UK. The scheme helps countries to diversify their exports and grow their economies, while British households and businesses benefit from lower prices and more choice.

📊By the numbers: According to the publication, UK is granting access to enhanced preferences based purely on the economic vulnerability of LICs and LMICs. This approach is more generous, with 8 countries (Algeria, Congo, Cook Islands, Micronesia, Nigeria, Niue, Syria, Tajikistan) becoming immediately eligible for enhanced preferences.

The bottom line: The DCTS is one of the most generous preferences schemes in the world. It provides duty-free, quota-free trade to LDCs on everything but arms and duty-free, quota-free trade on 85% of eligible goods to most LICs and LMICs. The DCTS will replace the UK’s Generalised Scheme of Preferences (GSP) in early 2023.

TRADE ROUNDUP

STANDARDS | Standards Organisation moves to boost Nigerian Export

• The Standards Organisation of Nigeria (SON) is seeking to boost Nigerian export through calibration of products manufactured in the country to stand in line with international best practices as a means of enabling goods produced in Nigeria to compete favourably in the global market.

TRADE | Nigeria’s trade surplus declines 50% to $930m

• Nigeria’s trade surplus declined month-on-month, MoM, by 50.8 percent to $930 million in April 2022, from $1.89 billion in March. This is as a result of an 8.4 per cent fall in total trade to $10.79 billion in April from $11.78 billion in March.

IN THE NEWS

Briefing note🗒️: Export Institute Seeks Government Supports to encourage export trade

The Institute of Export Operations and Management (IEOM) has called on the Government and it’s agencies to fashion out policies and procedures that will aid and encourage export trade in Nigeria.

Why it matters: The call was made by Ofon Udofia, Executive Secretary/ CEO of the Institute at the end of a four days Master Class training programme organized by the Institute in Lagos to train and educate exporters on exports documentation, tariffs and regulations, packaging and branding, standards and quality assurance, exportable products among others.

💬What they’re saying: “” We appeal to government agencies to assist in encouraging non-oil export trade in Nigeria. This is critical to our economic diversification and growth as well as boost foreign exchange earnings.” - Mr. Ofon Udofia, ES/CEO of IEOM

• "I learnt a lot from the training program, most especially on export trade market tools and research information on export was revealed during the training. I urge every exporter or prospective exporters to go through the training to know the rudiments of export trade procedures. - Mr Uche Chugbo, CEO of Joes Food

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

PHOTOS OF THE WEEK

🏅 MASTERCLASS TRAINING: Participants at the Institute of Export Operations & Management (IEOM) 4-Days Pratical Export Masterclass Training held in Lagos. The training ended with a field-trip visit led by Mr. Ufon Udofia, Executive Secretary/CEO of IEOM to the Port and Terminal Multipurpose Limited (PTML) Customs Command, Tin-Can Island Port, Apapa - Lagos last week. CREDIT: IEOM