The average manufacturing capacity of Nigeria pegged at 73.3 percent in 1981 has dropped to 55 percent in 2021. This decrease can be attributed to political instability, global economic pressures, constant government policy...
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Process of Exporting Goods From Nigeria and Required Documentations
Nigeria needs to export more goods to boost its economy. From October to December 2020, Nigeria recorded its first trade deficit since 2016 when the total value of imports exceeded the total value of exports by ₦7.37 trillion...
Nigeria’s Major Trade Agreements Before the AfCFTA
Before ratifying the African Continental Free Trade Area (AfCFTA) membership in November 2020, Nigeria had signed and operated through various trade agreements spanning different timelines and economic reach. On November 11th...
Customs Modernisation Agreement; Opportunities and Challenges
In 2020, the federal government approved the $3.2bn concession deal for the automation project of the Nigeria Customs Service (NCS). But, the NCS just signed a 20-year concession agreement with a consortium, Trade Modernisation...
PAPSS; A Resolving Payment System for The African Market.
Implementing the African Continental Free Trade Area (AfCFTA) has the potential to revolutionise the continent’s economy and spur innovation. The primary goals of the AfCFTA, which has been signed by 54 African states, is to...
How Nigeria Can Attract More Foreign Direct Investments to Spur Growth
A large population of over 200 million people and an economy with projected GDP of 445.00 USD Billion in 2022, should make Nigeria an attractive investment destination in Africa. However, in the last decade, there has been a...
Why Government Must Address Barriers to Export Trade
In 2021, Nigeria’s value of total export increased by 51 percent when compared with the previous year. This came with a simultaneous rise in the export value of agricultural goods, solid minerals, and energy goods. Despite these...
4 Ways Nigerian Government Can Make Environment Conducive for SMEs
Small and Medium Enterprises (SMEs) are central to the economic growth of any country. While Small Enterprises have between 10 and 49 employees, Medium Enterprises are those with 50 – 249 employees. The International Bank...
Why Nigeria Should Digitize Its Ports Operation Quickly
Port congestion is estimated to cost Nigeria $55 million a day in lost economic activities. This is because trucks queue up for days, waiting for port authorities to call them up to load or unload their cargo. To resolve this...
Trade Via Nigeria’s Land Borders is Imperative for Economic Growth
In August 2019, the Federal Government announced an indefinite closure of all land borders in the country. Just about the time of this announcement, prices of several commodities started to increase at a faster rate. This...