Communiqué of the Chartered Institute of Directors Nigeria Webinar on Enhancing Market Access for Nigerian Products

1.0 Introduction

On July 23, 2024, the Chartered Institute of Directors Nigeria (CIoD Nigeria) hosted a webinar  "Enhancing Market Access for Nigerian Products."  This event aimed to identify significant trade barriers, develop strategies for streamlining processes, and promote capacity-building initiatives to enhance Nigeria's trade potential on a global scale. The discussions focused on adapting to changing market dynamics and addressing the challenges hindering Nigeria's competitiveness in international trade.

The webinar commenced with opening remarks by the Chairman of the Industry, Trade & Investment Committee of CIoD Nigeria, Prince Dapo Adelegan, F.CIoD who welcomed participants and emphasised the importance of the event’s theme. The discussion centred on the need for Nigeria to adapt, innovate, and address key barriers hindering market access in the face of global economic changes.

The President and Chairman of the Governing Council of CIoD Nigeria,  Alhaji Tijjani M. Borodo, LLM, F.CIoD  delivered the opening address, highlighting the significance of adapting to changing global market dynamics to enhance Nigeria's competitiveness. He expressed confidence that the insights from the keynote speaker and other distinguished discussants would lead to actionable strategies for improving Nigeria's market access.

In the keynote address, the speaker Otunba Francis Meshioye underscored the importance of enhancing market access and simplifying trade procedures for Nigeria, given the substantial financial losses from port inefficiencies and the high costs of trading. He expressed hope that the webinar's discussions would lead to effective strategies to address these challenges and improve Nigeria's trade performance.

2.0 Key Highlights

  1. Strategic Roadmap for Nigeria’s International Trade Growth:  Emphasis was placed on creating a strategic roadmap to improve infrastructure, product quality, pricing, and export financing. The potential benefits of the African Continental Free Trade Agreement (AfCFTA) were also discussed, highlighting the private sector's pivotal role in international trade agreements.

  2. Addressing Coordination Challenges in Export Processing:  Participants underscored the need for a unified platform to facilitate seamless information flow among government agencies. Trade financing through the capital market was identified as crucial for supporting exports and industrial development, with increased awareness among SMEs about accessing these opportunities.

  3. Crowdfunding, Transparency, and SMEs : The necessity for transparency and corporate governance in crowdfunding was highlighted as essential for attracting investors. Additionally, media and crowdfunding were recognized as vital tools for raising funds for SMEs, along with the establishment of a small business advocacy division to prepare them for the capital market.

  4. Nigerian Exporters' Competitiveness in Global Markets:  Discussions centered on the skills and knowledge required for Nigerian exporters to compete internationally. Understanding market access requirements, documentation, certifications, and payment options was deemed essential. There was also a call for improved quality control and inspection processes before export.

  5. Improving Trade Across African Borders:  The importance of knowledge enlightenment and proper procedures for secure cross-border trade was emphasized. Participants noted the need for improved infrastructure at seaports, airports, and railways, along with the benefits of digitizing processes to expedite clearance.

3.0 Recommendations

Several recommendations emerged from the webinar to enhance market access for Nigerian products effectively. They include;

  • Government should develop a comprehensive strategic roadmap to focus on improving infrastructure and encourage potential exporters to improve product quality while leveraging opportunities presented by AfCFTA.

  • Nigerian Port Authority (NPA) establish a unified information platform to create a centralised system that facilitates communication among government agencies to streamline export processing.

  • Stakeholders in export sector should promote crowdfunding initiatives to encourage transparency and education in crowdfunding efforts to attract more investors into the SME sector.

  • Nigeria Export Promotion Council (NEPC) and other relevant agencies and organizations should enhance exporter training programs to provide training that focuses on essential skills related to international trade requirements and quality control measures.

  • The government should invest in infrastructure development and prioritise improvements at key transport hubs to facilitate smoother cross-border trade operations.

4.0 Conclusion

The webinar provided invaluable insights into enhancing market access for Nigerian products on the global stage. The discussions highlighted the pressing need for Nigeria to adapt to shifting market dynamics and overcome trade barriers that hinder its competitiveness in international trade.

The key highlights of the event underscored the importance of a strategic roadmap for Nigeria's international trade growth, addressing coordination challenges in export processing, and enhancing the transparency of crowdfunding initiatives.

The participants emphasised the significance of equipping Nigerian exporters with the skills and knowledge required to navigate global markets effectively, as well as the necessity for improved infrastructure to facilitate seamless trade across African borders.



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Bamidele Alimi, FNIM, F.CIoD

Director General/CEO

Monday, July 29, 2024.