“Federal Govt Launches ‘Export774’ Initiative to Boost Non-Oil Exports and Economic Growth”

The Nigerian federal government has taken a significant step towards economic transformation with the launch of the “Export774” initiative. Spearheaded by the Nigerian Export Promotion Council (NEPC), this campaign seeks to break free from the nation’s oil-dependent past and foster a more diversified trade landscape.

At the 2023 Export4Survival hiking campaign in Abuja, Dr. Ezra Yakusak, the Executive Director of NEPC, emphasized the urgent need to promote locally-made goods and services through exports to ensure Nigeria’s survival and prosperity. Drawing a compelling parallel between export and survival, he stated, “Just as we need to exercise to survive, we also need to export to thrive and secure Nigeria’s economic future.”

Central to the “Export774” initiative is the development of a comprehensive compendium, providing valuable insights for investors and exporters. This document will highlight export potential across different regions, identify promising products, and assess market competitiveness, thereby attracting foreign investments and fostering growth opportunities.

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Nigeria’s non-oil export sector has already witnessed an impressive 40 percent growth in the past two years, reaching a notable $5.6 billion in 2022. The first quarter of 2023 saw a promising repatriation figure of $1.7 billion back into the economy. The successful introduction of new products like sorghum and orange peel has significantly enriched Nigeria’s export baskets.

To achieve the ambitious goals of the “Export774” campaign, Dr. Yakusak stressed the importance of a harmonious public-private partnership. He called for collective efforts to promote “Export774,” urging businesses to adopt an export-oriented mindset and seize global market opportunities. This initiative promises to drive non-oil exports, foster economic growth, and position Nigeria as a prominent player in the international trade arena.