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IEOM NIGERIA
August 16, 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 911 words, a 3-minute read.

IN BRIEF

📈 Situational awareness: Nigeria's headline inflation for July 2022 was 19.64% from 18.60% in June 2022. This indicates a 1.82% month-on-month increase.

  • CBN’s RT200 initiative to boost Nigeria’s non-oil exchange earnings

  • Ginger farming for export, what you need to know

NON-OIL EXPORT 

1 big brief: CBN’s RT200 initiative to boost Nigeria’s non-oil exchange earnings

Godwin Emefiele, Nigeria's Central Bank governor

RT200 programme was designed to help reduce exposure to volatile sources of foreign exchange and to earn more stable inflows. The RT200 FX Programme is an initiative of the Central Bank of Nigeria (CBN) which aims to raise $200 billion in Foreign Exchange (FX).

Why it matters: Mr. Godwin Emefiele, the CBN governor explained that RT200 was a set of policies, plans and programmes designed to help the country attain a goal of 200 billion dollars exclusively from non-oil exports over the next three to five years. 

In more details: “They are Value-Adding Experts Facility; Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit,” he said, in addition to its potential to provide concessionary and long-term funding for business people who were interested in either expanding existing plants or building new ones.

📊By the numbers: Nigeria reportedly produces about 770,000 metric tonnes of Sesame, Cashew, and Cocoa. Of this number, about 12,000 metric tonnes are consumed locally and 758,000 metric tonnes are exported.

💬What they're saying: “Out of the 758,000 metric tonnes that the country exports annually, only 16.8 per cent is processed. The rest are exported as raw, thereby giving Nigerian farmers a tiny part of the value chain in these products" - Mr. Godwin Emefiele, Governor of Nigeria's Central Bank.

  • “Exporters shall qualify for the rebates only where repatriated export proceeds are sold at the I&E window. Eligible transactions that qualify for incentives under the scheme shall be export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria,” - Mr. Ozoemena Nnaji, Director of Trade and Exchange Department, CBN

The big picture: The repatriation (Naira4Dollar) Scheme is tailored to ensure that expanded and new factories that are financed by the value-adding facility are not starved of inputs of raw commodities in their production cycle with CBN promising to pay NGN65 for every one dollar repatriated and sold for third party use, and NGN35 for every one dollar repatriated and sold into Investors and Exporters (I & E) window for own use on eligible transactions only.

TRADE ROUNDUP

TRADE | Ginger farming for export, what you need to know

  • "Globally, the Nigerian ginger is most preferred as it is known for being particularly potent and high in oleoresin, which is good for use in both food and certain pharmaceuticals. The demand for Nigerian ginger is about twice what is currently being produced so there is a lot of room for increased production particularly for export."

EXPORT | NEPC, NAQS partner on treatment of hibiscus for export

  • The Nigerian Export Promotion Council (NEPC) says it will partner with the Nigeria Agricultural Quarantine Service (NAQS) on treatment of hibiscus to meet international standard for exportation.

UPCOMING TRAINING

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

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 

TWEET OF THE WEEK

PHOTOS OF THE WEEK

🚢/🔬SON RETURNS TO PORTS: Mr. Mohammed Bello Koko, the Managing Director of Nigeria Ports Authority (NPA) played host to Mallam Faruk Salim, the Director-General of Standards Organisation of Nigeria (SON). The visit afforded the two agencies to discuss the presidential approval on the return of SON to the ports and the deployment of their staff & equipment to the approved Export Processing Terminals. CREDIT: NigeriaPorts/Twitter

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