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Export Diversification and the Impact on the Economy

Featured Export Diversification and the Impact on the Economy Photo Credit: www.sunnewsonline.com

Thursday, February 11, 2044

 

 

 

For over four decades, Nigeria was largely an import nation with a trade record of 92% import and 8% export in the year 2013 - National Bureau of Statistics (NBS).

 

The technology innovation boom of the 2020s ushered in a new dimension of diversification in Nigeria’s international trade. At a very fast rate, Nigeria’s export diversification burst forth. It spreads both horizontally - across industries, and vertically - from raw materials to manufactured goods.

 

The latest report published Tuesday, February 9, 2044 by the NBS for the year 2043 reveals that Nigeria’s export has increased by 600% since 2013. Export has now risen to 49% of all international trades. Of all exported products, oil accounted for 30%, agricultural produce and products accounted for 35%, electronics and machineries accounted for 25%, and 10% fall under services and a few other categories. Technological advancement in Nigeria directly contributed to 70% of the exported goods and services.

 

The nation’s GDP rose fastest in world history from $550.23 billion in 2019 to $2.5 trillion in 2045. This is largely attributed to the job opportunities the exports have created and the nation’s chiefly agile population. The NBS report also revealed that, in the last seven years, there has been a decline in the percentage of Nigerians living below the poverty line of N50 ($1.5) per day from 18% to 12% and is expected to drop to 5% by 2050.

 

These gains did not come without some losses. A number of businesses and job opportunities suffered when prohibitions were introduced on the importation of certain goods. But it did not take so long for the economy to bounce back. Goods such as rice, palm oil, fish, sugar, used vehicles, steel, base oil, fertilizer, wheat and paper are now economically unattractive to Nigerian importers, as well as consumers.

 

Globally, it has become a thing of prudence and ego to use made in Nigeria goods, as they are synonymous with excellence, quality and style.

 

Made in Nigeria goods - M.I.N, as popularly referred to by African artistes, and a few American artistes in their lyrics - rose to global acceptance through the thick and thin. The world was initially skeptical of the new M.I.N but after about two decades, the acceptance grew sharply - due to the products’ quality, the new image of Nigeria as a country, and the affordability of M.I.Ns.

 

The acceptance of M.I.N could also be attributed to the nation’s cultural diversity. It was easy for exporters to relate with people of all religion, culture and style, from each nation’s perspective - both in terms of products development and trade relationships.

 

This is, no doubt, the best thing that has happened to commerce and trade in Nigeria since its creation. It is the major reason Nigeria has become an influential part of the G12 nations.

 

 

 

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