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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 680 words, a 3-minute read.

IN BRIEF

• Nigeria targets over $500 million from cashew export

• Nigeria addresses rejection of Nigeria’s raw material exports

TRADE

1 big brief: Nigeria targets over $500 million from cashew export

Amid growing demands for diversification of the economic base, Nigeria exported 315,677 metric tons of raw cashew nuts worth $252 million in 2022 and hopes to double the earnings to $504 million.

🇳🇬Why it matters: Last year, the commodity accounted for 5.24 per cent of the country’s non-oil export portfolio. This is contained in the data obtained by the Nigerian Export Promotion Council (NEPC) from various pre-shipment inspection agents.

💬What they're saying: "NEPC Executive Secretary, Dr. Ezra Yakusak, disclosed that raw cashew was the fifth leading non-oil exportable product in Nigeria in the 2022 Non-Oil Performance Report.

• The programme was put together by the NEPC, NICERT, Valency Ltd and the PRO-Cashew.

• "The aim of the project is to support the Nigeria cashew sector and increase cashew productivity and efficiency, improve crop quality, and improve harvest and post-harvest techniques.”

By the numbers: “In 2022, our non-oil performance export performance indicated that cashew was the fifth leading non–oil exportable product in Nigeria.

• Nigeria exported cashew worth about 252 million dollars in 2022 and with the launch of the project, the figure is expected to double in 2023.

The bottom line: It is a five-year project aimed at forging a strategic partnership to accelerate the required growth in the non-oil export sector.

TRADE ROUNDUP

EXPORT | Nigeria addresses rejection of Nigeria’s raw material exports

• Nigeria's government has taken steps to ensure the competitiveness of the nation’s raw materials to ward off rejection in the international market. Some of the raw materials that have been reported to be rejected or facing challenges in export include sesame seeds, cashew nuts and cocoa beans, among others.

TRADE | Boosting Nigeria’s Agro Exports

Experts have listed the major barriers stopping Nigeria from significantly profiting from the export of its agricultural produce, including getting the right certification.

UPCOMING EVENT

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].

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GTR SUMMIT WEST AFRICA-LAGOS: Institute of Export Operations and Management (IEOM) delegates at the just concluded GTR Summit in Lagos.