Nigeria’s current economic situation, particularly the disparity between naira and U.S. dollar present huge opportunities that must force government and stakeholders to boost non-oil exportation through the African Growth and Opportunity Act (AGOA), experts have said.
The experts spoke on Tuesday, at a training organised in Lagos by the Nigerian-American Chamber of Commerce (NACC), to reverse Nigeria’s poor participation in the duty and quantity free policy.
The experts including the Senior AGOA Specialist, West Africa Trade and Investment Hub, Dr. Muhamed Abou iiana, and Director General, Nigerian Textile Manufacturers Association, Hamma Kwajaffa, called on government to tackle challenges hindering exportation through the policy.Since AGOA was introduced in 2000 as trade preferential agreement to enable Sub-Saharan African countries export products to U.S., intrinsic challenges in Nigeria continue to deny the country, particularly entrepreneurs, the potential the plan offers.
Abou iiana said although the U.S. initiative, which is eligible to 39 of the 49 countries in Sub-Sahara Africa, including Nigeria, boosted non-oil export from the region to U.S. to about $4.1 billion in 2015, against $1.4 billion before the programme started, Nigeria has not contributed significantly to the figure.
“Many things need to be done in Nigeria to capitalise on AGOA. The amount of export from Nigeria to America under AGOA is very low, and does not reflect the capabilities and the strength of the Nigeria economy. We need Nigerian businesses and private sector to take advantage of AGOA,” Abou iiana said.