Posted 3/17/2024, 12:08:22 AM
Experts Advise Upgrades to Boost Nigeria Trade, Reduce Reliance on Oil Revenue
- Analysts say upgrading transportation, ports, and streamlining procedures can reduce costs and boost Nigeria's trade appeal
- Nigeria recorded higher trade volume in 2023 but minimal trade surplus due to rising imports
- Overreliance on imports of consumer goods contributes to negative trade balance
- Lower trade surplus leads to current account deficits, potentially increasing foreign debt
- Diversifying exports beyond oil into agriculture, minerals, manufacturing can reduce dependence on oil revenue
