NIGERIA EYES WORLD SERVICES EXPORTS VALUED AT $1.99 TRILLION.

Nigeria is aiming to capture a significant portion of the global services exports market, which was valued at $1.99 trillion by the end of the third quarter of the previous year.

Key exporters during the third quarter of the previous year included China, India, Singapore, Germany, Turkey, Thailand, the Philippines, Mexico, and Brazil.

The services exports value during April-February 2022-23 stood at $296.94 billion, marking a 30.5% yearly increase, while imports rose by 24.5% to $164 billion.

Dr. Obiora Madu, director-general of the African Centre for Supply, emphasized the importance of expanding the services sector as a crucial driver of trade, employment, and economic growth. He highlighted the need for Nigeria’s competitiveness in the economy.

Madu, author of “Services Export in Practice,” emphasized the significant potential for the expansion of service trade to drive growth in Nigeria.

He stated, “Services such as financial services, consulting, and transportation will continue to make significant contributions to the economy.”

Madu stressed the importance of domestic reforms, infrastructure improvements, regulatory enhancements, and ease of doing business to boost Nigeria’s competitiveness over the next five years.

He underscored the necessity of a comprehensive export policy for Nigeria to leverage its comparative advantages in various service industries effectively.

Madu recommended focusing on identifying key service sectors with export potential, addressing trade barriers, and enhancing competitiveness.

He highlighted the importance of investing in infrastructure and technology to bolster Nigeria’s export capabilities.

Madu emphasized the need to make Nigeria’s exports more appealing and competitive amidst global trade and economic uncertainties.

He acknowledged challenges such as inadequate infrastructure, bureaucratic hurdles, security concerns, and macroeconomic instability that could hinder Nigeria’s progress.

Madu emphasized capacity-building programs to educate more Nigerians about the opportunities in service exports.

He stressed the importance of collaboration between the government and the private sector to enact policies aimed at enhancing the competitiveness of Nigeria’s services industry.

Source: Techeconomy