Poor government policies, lack of incentives for non-oil export and high exchange rate, among others have been highlighted as factors currently deteriorating the production of locally manufactured products for export sector in the country.
NBS
This is coming as the National Bureau of Statistics (NBS), revealed that the nation recorded a deficit trade balance of about N3,023.50 billion in the third quarter of 2021 as the value of imports continued to outweigh exports.
The Group Chairman, Manufacturers Association of Nigeria Export Promotion Group (MANEG), Ene Dafinone, who disclosed this while speaking on its activities in the country, said the goods firms are still groaning to survive under the harsh economic policies of government and the pandemic effects.
He said since the pandemic and aftermath of land border closure, exporters are practically struggling with reduced international demand coupled with domestic challenges such as high and increasing exchange rate; high cost of energy; multiple levies and taxes; port congestion; unending Apapa gridlock; infrastructural deficiencies and smuggling among others.
According to him, Nigerian exporters are still groaning under these negative impacts of these export challenges on their export businesses since last year and yet to overcome them.
Dafinone said for instance, the outbreak of the global pandemic has been adjudged to be the major contributor to the fall in the value of manufactured goods exported globally, including that of Nigeria, in 2020.
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