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    Home»Economy»Nigeria Targets $500million Export Volume Upon Receipt Of AGOA Report
    Economy

    Nigeria Targets $500million Export Volume Upon Receipt Of AGOA Report

    HumsiBy HumsiMay 3, 2023Updated:May 4, 2023No Comments2 Mins Read
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    By Miriam Humbe, Abuja

    The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo has received the report of the technical committee on the utilization of African Growth and Opportunity Act (AGOA).

    The report was expected to develop a streamlined six month work-plan with a target of $500million export volume to the United States.

    Director Press and Public Relations in the Ministry said this in a statement signed on Wednesday.

    Otunba Adeniyi said: “The Technical Committee was saddled with the responsibility of providing quick impact intervention on AGOA implementation work-plan expected to create more opportunities, generate wealth  and prosperity  for the nation and the citizenry through increased non-oil export which is a top priority of the present administration”.

    He was optimistic that Nigeria would take advantage  of  improving the country’s prospect of benefiting from the AGOA scheme in the remaining two years before the expiry of the scheme.

    Director of Trade Department in the Ministry and co-chairman of the Technical Committee, Mr Suleiman Audu said that the committee was set up due to the fact that Nigeria had not fully utilized the opportunities embedded in the AGOA Act, despite the positive contribution of AGOA to manufactures and exporters.

    He said  that    the Small and Medium Enterprises (SMEs) were challenged with supply side constrains, ranging from standards requirement to labelling and  packaging among others.

    Audu said: “In fulfillment of the Terms of Reference, the committee  identified six focal sector/products which are Agro products  such as cosmetic based on shea butter and coconut oil extract, textile garment, processed food and beverages, leather and leather products, and art and craft

    He said that  the justification of the selection was based on the increasing demand for them in the US  market, huge production capacity  and could also  easily  be sourced .

    He said that the products were covered under the AGOA eligiblity  products  which were facilitated by US Trade Facilitation Agencies which have gained acceptability in the US market.

    The committee  called on the Minister to approve the recommendations and use his good office  to explore all the available options to provide funds for the implementations of  the work plan.

    “It is hoped  that the recommendation will  address the perennial challenges confronting AGOA as well as boost Nigeria’s competitiveness in short and long run”.

    AGOA Export Nigeria Trade
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