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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 773 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: UK creates new Department for Business and Trade to promote investment and championing free trade. Rt. Hon. Kemi Badenorch has been appointed as the Secretary of the newly created department.

• Nigeria Earned $18bn from Export of Urea Fertilizer, Ginger, Sesame in Seven Years

• Customs launches platform for 24-hour cargo clearance

TRADE

1 big brief: Nigeria Earned $18bn from Export of Urea Fertilizer, Ginger, Sesame in Seven Years

The federal government has said it achieved significant revenue of $18 billion from 2015- 2022 from non-oil exports such as Urea Fertilizer, Ginger and Sesame.

Minister of Industry, Trade and Investment Adeniyi Adebayo disclosed this at the 21st edition of President Muhammadu Buhari administration scorecard series (2015-2023).

Why it matters: Urea fertilizer is the largest non-oil selling point internationally for the country, followed by ginger and sesame, which are in high demand in Europe.

By the numbers: Nigeria recorded a Compound Annual Growth Rate of $3.57 billion in 2022, which was a significant in rise on the $3.45 billion earned in 2021. In 2020 the country earned $2.21 billion while $1.87 billion was earned in 2019.

💬What they're saying: “Nigeria was the largest exporter of Hibiscus to Mexico because they used it in the pharmaceutical sector and for drinking as well. Because we had quality issues and they had to stop importing from Nigeria, which was why we ensured we brought the national quality policy with a view to making sure we improve the quality of goods that we export,” Adebayo - Otunba Niyi Adebayo, Minister of Industry, Trade and Investment

The bottom line: The projected GDP growth of 3% in 2023, third highest in the world is an indication the country’s positive economy outlook.

TRADE ROUNDUP

TRADE | Nigeria's President appoints Mr. Segun Awolowo Secretary, AfCFTA National Action Committee

• President Muhammadu Buhari has approved the appointment of Mr Olusegun Awolowo as Secretary, National Action Committee on the African Continental Free Trade Area (AfCFTA) for a tenure of four years.

PORT | Customs launches platform for 24-hour cargo clearance

In a move towards attaining global competitiveness, the Nigeria Customs Service (NCS), on Monday, launched a trade facilitation tool called Fast Track 2.0 (FT.2.0), that enables compliant importers and agents to clear their cargoes within 24 hours.

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].

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DATA WATCH

PHOTO OF THE WEEK

FOOD SECURITY FOR AFRICA: Presidents Julius Bio and Macky Salll of Sierra Leone and Senegal respectively with African Development Bank President Dr. Akinwunmi Adesina at the Feed Africa Summit in Dakar recently. Image credit: AfDB/Twitter