Nigeria’s exports hit N2.7bn in 6 months – NEPC

The Nigerian Export Promotion Council (NEPC) says exporters raked in ₦2.7 billion from January to June.

The Executive Director of NEPC, Nonye Ayeni, said this at a one-day sensitisation seminar for exporters on export contracts and use of International Commercial Terms (INCOTERMS) organised by the council in Owerri on Thursday.

Ayeni, represented by the Coordinator of NEPC in Imo, Mr. Anthony Ajuruchi, said that the profit was an indication of the hard work and commitment of non-oil exporters in the country.

She said that the workshop was necessary to equip exporters with the requisite knowledge of INCOTERMS, as they hold the key to unlocking successful global trade transactions and improving product competitiveness.

“Understanding INCOTERMS plays a vital role in international trade, providing a standardised framework for buyers and sellers to communicate and manage their responsibilities and liabilities.

”By understanding the 11 INCOTERMS rules, businesses can clarify their obligations and risks with a view to minimising misunderstandings and disputes,” she said.

Ajuruchi said that in line with NEPC’s motto of doubling exports for economic growth and job creation, export negotiation should be done in a way that satisfies all parties in a business and convinces the buyer of the comparative advantage of a seller’s product.

He advised exporters to plan well ahead of a business negotiation, define their ground rules, make a good impression, have good bargaining power, discover the actual needs of a client, and build trust.

“When negotiation is good, concerned parties go home happy, but when it is bad, the reverse is the case. All of these lie in the hands of the exporter,” he said.

Also speaking, the Chairman, Imo Exporters Summit, Eze George Ekeh, said exports were more crucial to the country’s economic recovery than ever before.

Ekeh, also the traditional ruler of Ishi Ubommiri Autonomous Community, Mbaitoli council area of Imo, advised exporters to package their products properly and attract the right buyers for better pricing.

One of the exporters, Mr. Uche Chikata, the Managing Director of St. Ann’s cashew nut industry, thanked NEPC for the workshop, adding that it would enable exporters in the state to increase their income target in the final quarter of 2024.