The Nigerian Export Promotion Council (NEPC) has announced that Nigeria’s non-oil exporters generated ₦2.7 billion in revenue from January to June 2024. This remarkable achievement highlights the efforts and dedication of the country’s exporters in diversifying the economy beyond oil.
Speaking during a one-day sensitization seminar on export contracts and International Commercial Terms (INCOTERMS) in Owerri on Thursday, NEPC’s Executive Director, Nonye Ayeni, praised the hard work and commitment of exporters in boosting the nation’s non-oil sector. Ayeni was represented by Mr. Anthony Ajuruchi, the NEPC Coordinator for Imo State.
Ayeni emphasized that the seminar was aimed at providing exporters with critical knowledge on INCOTERMS, a set of international trade rules that define the responsibilities of buyers and sellers, helping them to better navigate global trade transactions and enhance the competitiveness of Nigerian products.
“Understanding INCOTERMS is essential for international trade, as they provide a standardized framework for clarifying obligations, responsibilities, and risks between buyers and sellers. Mastery of the 11 INCOTERMS rules can help reduce misunderstandings and avoid costly disputes in global trade,” Ayeni stated.
In line with NEPC’s goal of doubling exports to stimulate economic growth and create jobs, Ayeni urged exporters to engage in strategic negotiations that benefit all parties. She stressed the importance of presenting a product’s comparative advantage to potential buyers, ensuring the success of trade deals.
Ayeni also advised exporters to plan thoroughly before entering negotiations, establish clear rules, make a strong first impression, develop solid bargaining power, understand the client’s needs, and build trust.
“When negotiations are conducted effectively, both parties leave satisfied. But when negotiations go wrong, it leads to dissatisfaction. It all rests on the skill and approach of the exporter,” Ayeni said.
The seminar also featured comments from Eze George Ekeh, Chairman of the Imo Exporters Summit and the traditional ruler of Ishi Ubommiri Autonomous Community in Imo State. Ekeh underscored the critical role of exports in Nigeria’s economic recovery and advised exporters to focus on packaging their products properly to attract the right buyers and secure better prices.
One of the participants, Uche Chikata, Managing Director of St. Ann’s Cashew Nut Industry, expressed his gratitude to NEPC for organizing the workshop. He noted that the training would help exporters in Imo State boost their income as they approach the final quarter of 2024.
This initiative by the NEPC reflects the government’s ongoing commitment to fostering export-led economic growth and reducing the country’s dependence on oil. With the knowledge imparted at the seminar, Nigeria’s exporters are better equipped to compete in the global market and drive the country toward greater economic prosperity.
