NECA’s Employers’ Summit 2023 to foster collaboration, partnership in Trade and Non-Oil Export value chain
The Nigeria Employers’ Consultative Association (NECA) is gearing up for its highly anticipated second edition of the annual employers’ summit, with a significant shift in focus towards the potential of non-oil sectors in bolstering the nation’s economy and generating crucial foreign exchange.
The summit, themed “Trade and Non-Oil Export: Changing the Narratives for Rapid National Development,” is scheduled to take place on July 10-11, 2023, at the Abuja Continental Hotel in Abuja.
Renowned keynote speakers, including Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, Prof. Benedict O Oramah, and Dr. Akinwunmi Adesina, President of the African Development Bank, are expected to grace the event.
The summit will also be honored by the presence of His Excellency Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, as well as His Excellency Sen. Kashim Shettima GCON, Vice President of the Federal Republic of Nigeria. Distinguished governors such as Babajide Olusola Sanwoolu of Lagos State, Seyi Makinde of Oyo State, Abdullahi Audu Sule of Nassarawa State, and Similanayi Fubara of Rivers State will also be in attendance.
A lineup of influential speakers will contribute their expertise to the summit, including Dr. Ezra Yakusak, CEO of the Nigeria Export Promotion Council (NEPC), Mr. Olukayode Pitan, Managing Director of the Bank of Industry (BoI), Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), and Mr. Lamin Barrow, Director General of the African Development Bank Group, among others.
The summit aims to achieve several key objectives, including developing strategies to increase the contribution of non-oil exports and foreign earnings, creating awareness of the potential of trade and non-oil exports as a major economic driver, facilitating collaboration and partnership within the trade and non-oil export value chain, promoting a favorable regulatory environment, deepening stakeholders’ awareness of the implications of the African Continental Free Trade Area Agreement (AfCFTA), and showcasing the inherent opportunities for trade and non-oil export within the Nigerian economy.
For decades, the Nigerian economy has heavily relied on revenue from crude oil sales, with oil accounting for over 80% of the country’s revenue and foreign exchange earnings. However, this heavy dependence leaves the economy vulnerable to external shocks. The summit seeks to address this issue by emphasizing the potential of non-oil sectors in driving sustainable economic growth. Export trade, in particular, plays a vital role in improving foreign exchange earnings, strengthening the balance of payments, creating employment opportunities, and increasing government revenue through taxes and tariffs.
Historically, Nigeria experienced economic prosperity through non-oil exports such as cocoa, cotton, groundnut, and palm oil. The second edition of the Nigeria Employers’ Summit aims to reinvigorate this legacy and diversify the economy beyond traditional mineral and agricultural base products. By focusing on value-added goods and services, Nigeria can tap into regional and domestic markets, capitalizing on the rising income elasticity of demand and increasing the employment capacity of the formal sector.
The summit promises to be a platform for fruitful discussions, collaboration, and the formulation of strategies to harness the gains from non-oil exports. With a clear roadmap towards diversification, Nigeria can pave the way for rapid national development, greater economic resilience, and sustained growth.
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