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Happy Valentine's 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 1079 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: Morocco bans some vegetable exports to West Africa amid rising prices. Morocco has barred fruit and vegetable traders from exporting tomatoes, onions and potatoes to West African countries, its fresh produce association and a government official said.

• Nigeria Targets £14bn Non-oil Exports To UK By 2030

• Cambodia’s cashew haul threatens Nigeria’s export

TRADE 

1 big brief: Nigeria Targets £14bn Non-oil Exports To UK By 2030 – Yakusak

Nigeria is targeting to grow its exports to the United Kingdom (UK) from 0.3 percent to a 5 percent share of the market valued at £14 billion by 2030.

Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak,  said this would be achieved through the recently launched Developing Countries Trade Scheme (DCTS) by the UK.

Why it matters: Under the new scheme, DCTS is to replace the UK’s current Generalized System of Preference (GSP), while Nigeria will now be benefiting from 9,500 tariff lines instead of the previous eight.

• Nigeria no longer has to ratify the 36 conventions with the UK before trading. This is significantly more generous than both the EU’s GSP scheme and the US’ AGOA scheme and based on current trade volumes, would mean that 99 percent of goods exported to the UK are duty-free.

In more detail: In early 2023, the UK’s DCTS will replace the UK’s current Generalised Scheme of Preferences (GSP). The government is introducing the DCTS to improve access to the UK market for developing countries.

• The DCTS aims to support sustainable growth in developing countries through a more generous unilateral offer.

• This has led to provisions in the DCTS that: (1) Reduce tariffs. (2) Liberalise rules of origin requirements. (3) Simplify the conditions attached to the scheme.

• The DCTS applies to countries that currently benefit under the UK’s GSP.

💬What they're saying: “The recent development by DCTS will boost trade with Least Developing Countries (LDCs) through reduced tariffs as well as simplified Rules of Origin for LDCs. - Dr. Ezra Yakusak, ES/CEO of NEPC.

The bottom line: Nigeria could potentially grow its exports to the UK from 0.3 percent to 5 percent share of the market by 2030 with a value of 14 billion Pounds.

TRADE ROUNDUP

EXPORT | Nigeria will surpass $4.8bn revenue from non-oil export in 2023 – NEPC

• Over $4.82 billion in revenue was generated from the non-oil export business in the year 2022 as a result of the agency’s effort in promoting non-oil export, which scales up the Gross Domestic Product, GDP economy of the country by 15 percent.

PORT | Cambodia’s cashew haul threatens Nigeria’s export

• Nigeria’s 2023 cashew export is being threatened by Cambodia’s surging production of the commodity as the season begins.

• Cambodia is the world’s fastest-growing cashew nuts producer and it is increasingly becoming a threat to Africa, especially Nigeria where cashew production has only grown marginally over the years.

UPCOMING TRAINING - PORT HARCOURT

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.

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 [email protected]. 

THE COVER PAGE 

• How will the rise of artificial intelligence (AI) reshape the tech industry? Until recently you might have used Google to search for an answer to that question. But now you have another option: to ask an AI-powered chatbot, which lets you gather information from the internet through typed conversations.

• ChatGPT, the leading example, can write essays, explain complex concepts, answer trivia questions and suggest menus or holiday destinations. By the end of January, two months after its launch, it was being used by more than 100m people, making it the fastest-growing consumer application in history.

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TWEET OF THE WEEK

DATA OF THE WEEK

PHOTOS OF THE WEEK

WORLD GOVERNMENT SUMMIT: UAE Minister of State for Foreign Trade, HE Thani AlZeyoud, Director-General of WTO, Dr. Ngozi Okonjo-Iweala with other Panelists at the ongoing World Government Summit in Dubai, UAE speaking on Globalization & Re-Globalization moderated by Eleni Giokos and Richard Quest both of CNN respectively.