Tuesday, 14 May 2024 04:26

Nigeria's manufacturing export revenue drops 166 percent, World Bank reports

Rate this item
(0 votes)

Nigeria's manufacturing export revenue has taken a significant hit, plummeting by 166% to ₦778.4 billion, according to the latest findings from the World Bank's 'Africa Pulse' report. This stark decline marks a sharp contrast from the ₦2 trillion peak recorded in 2019.

The report highlights a downward trajectory since 2019, attributing a substantial decline to the impact of Covid-19. In 2020, revenue dipped to ₦960.7 billion, followed by a modest recovery to ₦1.15 trillion in 2021. However, 2022 witnessed a substantial drop to ₦781.1 billion, further exacerbating to ₦778.4 billion in 2023.

The World Bank identifies poor infrastructure and inefficient logistics as primary culprits behind Nigeria's dwindling foreign trade. The cost of trade in Nigeria, as well as in Ethiopia, is reported to be four to five times higher than that in the United States due to various factors such as insecurity, high transportation costs, topography, and inadequate road infrastructure.

In response to these challenges, African producers tend to prioritize local sales over exports, exacerbating the decline in manufacturing export revenue. Local manufacturers and exporters have voiced concerns over the unfavorable business environment, which renders Nigerian products less competitive on the global stage.

The report's release coincides with efforts by the Nigerian Export Promotion Council (NEPC) to bolster export activities. NEPC has urged Nigerian exporters to comply with the requirements set by the General Administration of Chinese Customs (GACC) for exporting products to China, emphasizing the importance of understanding and adhering to regulatory guidelines.

President Bola Tinubu recently addressed challenges in Nigeria's import-export landscape, citing bureaucratic bottlenecks that result in annual losses of $4 billion due to infractions. Tinubu unveiled the National Single Window (NSW) project aimed at streamlining trade processes by ensuring 24-hour clearance of goods at ports and implementing a digital platform for import and export-related transactions.

Tinubu asserts that the NSW project will revolutionize trade facilitation, offering a seamless and efficient system that eliminates the need for multiple agencies and locations to obtain necessary permits and clearances.

June 08, 2025

Nigerian Stock Exchange surpasses N72trn milestone as investors see massive gains

The Nigerian Exchange (NGX) achieved a historic milestone this week, with its market capitalization breaking…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 07, 2025

Are boiled eggs good for you? Here's what experts say

Caroline C. Boyle If you’re after a nutrient-dense breakfast, boiled eggs are a quick and…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 08, 2025

What to know after Day 1200 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russian military retaliated against Kiev’s ‘terrorism’ – MOD The Russian military has said…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.