New data released by the Nigerian Export Promotion Council (NEPC) shows that agricultural products worth N31 billion were exported informally to neighboring countries in 2022. The figure is based on the estimates of the NEPC, which indicated that the products were transported by individuals and businesses through unmonitored channels, such as land borders. The council considers this as a significant loss to the Nigerian economy, as it represents potential revenue that could have been generated through formal channels.
Salami Moruff Akinshola, the North-West regional coordinator for the NEPC,made the disclosure about the informal export of agricultural products during a recent one-day interactive session between the CEO of the NEPC and exporters in the North-West region of Nigeria.
During the session, Akinshola said that the data on informal exports was derived from NEPC’s border monitoring survey, which estimated the value of these products based on the quantity exported. He further noted that the informal exports of agricultural products were a cause for concern as they deprived the country of much-needed revenue.
The coordinator also explained that the interactive session was organized to create an open dialogue between exporters and the NEPC, with the goal of addressing challenges and improving the business environment. Akinshola said that the session was an opportunity for exporters to raise concerns about issues such as access to financing, market access, infrastructure, and regulations. He noted that the NEPC would work closely with exporters to resolve these challenges and create an enabling environment for them to thrive.
The NEPC’s mandate, Akinshola explained, includes the promotion of exports to improve the nation’s GDP and create jobs. He noted that the NEPC provides a range of support services to exporters, including market intelligence, export documentation, and product development. He added that the NEPC is also working to develop the country’s non-oil exports, including the export of agricultural products and solid minerals.
