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IEOM NIGERIA
July 12, 2022

Happy Tuesday and Welcome to Export Brief. EB is  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 816 words, a 3-minute read.

IN BRIEF

  • AfDB to boost non-oil export with agro testing centre in Nigeria

  • CBN: Total inflows to investors & exporters window hits $1.84bn

NON-OIL EXPORT

AfDB to boost non-oil export with agro testing centre in Nigeria

Dr. Akinwumi Adesina

A world-class agro testing centre is to be established in Sagamu, Ogun State, South-West Nigeria by the African Development Bank (AfDB), it was learnt yesterday. The centre, when built, will stimulate the standardisation of farm produce export from Africa according to the Nation.

In more detail: The site was conceived as part of ancillary infrastructure to drive viability for the about-to-be-completed Ogun International Agro Cargo Airport in Ilisan Remo, Ogun State, near Lagos.

  • Ogun State Commissioner for Works & Infrastructure, Mr. Ade Akinsanya, who confirmed the development, said the project is put together as part of international collaboration for driving air transport infrastructure in Africa.

Why it matters: The facility would address challenges associated with processing agro-allied produce for export.

What they're saying: “The only testing site approved in Africa by the AfDB will be located at a site not too far from here – Sagamu. That is one of the challenges people exporting goods out of Nigeria face because most of those goods don’t meet the international standard. So, before anything goes out, it will be tested before you can export it and it is just nearby.

 “There will be an international testing centre here where all agro-produce that goes out of Nigeria will come here and be certified as complying with international standards. So, once that is done, goods from here can be exported to anywhere in the world." 

- Mr. Ade Akinsanya, Ogun State Commissioner for Works & Infrastructure

The bottom line: The cargo operators are not having a good time, the passengers also are complaining. This will be a relief to exporters and businesses in the region. Whatever is grown in Nigeria can be exported from this facility to any part of the world.

TRADE ROUNDUP

TRADE FACILITATION | CBN: Total inflows to investors & exporters window hits $1.84bn

  • Data obtained from the FMDQ’s website, total inflows to the IEW rose 62 percent month-on-month (m/m) to $1.84 billion in June as against $1.14 billion recorded in May 2022 – its highest level since December 2021 ($2.42 billion), albeit still significantly below Q1-20 monthly average ($3.68 billion).

INTRA-AFRICA TRADE | Traders highlight challenges to regional trade

  • The traders under the aegis of West African Association for Cross-border Trade in Agro-forestry-pastoral and Fisheries Products (WACTAF), said poor infrastructure, such as poor electricity supply, bad roads, cost of fueling, kidnapping and banditry are seriously affecting trade on the Nigerian corridor.

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].

COVER PAGE

TIME's new cover: The legacy of Shinzo Abe, Japan's longest-serving leader.

DATA WATCH

📊 By the numbers: Non-Oil Exports in Nigeria is expected to be NGN265 Million by the end of this quarter, according to Trading Economics global macro models and analysts' expectations. In the long-term, the Nigeria Non-Oil Exports is projected to trend around NGN280 Million in 2023 and NGN250 Million in 2024, according to econometric models.

TWEET OF THE WEEK

TOTW/screenshot

PHOTO OF THE WEEK

On the Right: Dr Ezra Yakusak, Executive Secretary of NEPC

TRADE AND DIPLOMATIC PARTNERSHIP: The Ambassador of Burkina Faso, H.E. Amb. Paschal P. Gouba paid a Courtesy Visit to the ED/CEO of the Nigerian Export Promotion Council at the NEPC Headquarters, Abuja on the 5th of July, 2022. The visit centred on improving trade and economic relations between the two countries. 📷 : NEPC

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