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Nigeria’s revenue from the manufacturing export sector has plunged by 166 per cent to ₦778.4bn from the ₦2.trn height reached in 2019.
“Studies from the Africa region consistently find spatial differences in prices of imported goods as well as non-traded agricultural staples, indicating that markets are not well-integrated, and retail prices of products are affected by distance.“For instance, trade costs are four to five times higher in Ethiopia and Nigeria than in the United States, due to poor road infrastructure, low competition in the transportation sector, and topography,” it stated.
The bank’s report comes after the Nigerian Export Promotion Council , charged Nigerian exporters to adhere to the requirements for exporting products to different countries.Speaking at a recent sensitisation workshop aimed at enhancing Nigeria’s export potential and strengthening trade relations with China, Executive Director of NEPC, Nonye Ayeni, emphasised the need for exporters to adhere to the General Administration of Chinese Customs .
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