shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria Records Over $1.69bn Exports To US In 2020 As Buhari Seeks Increase In Trade

Nigeria Records Over $1.69bn Exports To US In 2020 As Buhari Seeks Increase In Trade

by Joshua
September 23, 2022
in Featured, News

President Muhammadu Buhari has described the United States as Nigeria’s main trading partner and one of ‘‘our most important diplomatic partners.’’

This, he said, underscored the need for concerted efforts to increase the volume of bilateral trade.

Mr Femi Adesina, the President’s spokesman in a statement, said Buhari atated this at a meeting with the Business Council for International Understanding (BCIU) at the Nigeria International Economic Partnership Forum,

The meeting was held on the margins of the 77th UN General Assembly in New York, on Thursday.

The Nigerian leader told the gathering that in 2020, Nigeria exported over $1.69 billion worth of goods to the US, adding that these exports were primarily made up of crude oil and other petroleum products.

”Nigeria’s capability is not just limited to the oil and gas industry, but variety of other sectors that hold notable potentials.

”We are the largest economy in Africa and have over 200 million-strong consumer market that is home to a range of attractive opportunities in sectors such as agriculture, healthcare, light manufacturing, infrastructure development and technology.

”The beauty of this forum is that the Ministers responsible for all of these sectors are here today, as are some of Nigeria’s premier business leaders who are already excelling in these spaces, ” he said.

According to Buhari, Nigeria is open to deepening collaboration with BCIU, and pledged this administration’s continued commitment to maintain an enabling business environment that is friendly to foreign investors.

”Going into partnerships with trusted local and foreign partners who have well-established networks and understand the dynamics of the country is one way to guarantee success in Nigeria.

”Today’s event provides a platform for businesses under the BCIU umbrella to make connections with credible Nigerian partners.

”I trust that this event will help build partnerships that will translate into increased trade and investment flows between Nigeria and the United States,” he said.

Apprising the business executives on the current Administration’s economic policy, Buhari said since 2015, the focus had been on economic diversification.

”And successfully, ”the economy is on a path of sustainable and inclusive growth through an open, rules-based and market-oriented way of doing business.”

The president emphasised that his major objectives for the forum was to garner support from the BCIU for two of Nigeria’s most high-impact developmental ambitions:

”Driving strategic and financial investment into Nigeria’s real-sector transformation, and rightly positioning Nigeria as a major international supply-chain partner to leading global economies like the United States.”

According to the president, global supply chains are currently facing a challenging time as U.S. shippers have been under strain caused by reduced inputs from China and the growing backlog of European imports caused by the Russia-Ukraine crisis.

He added that the world had not fully recovered from the economic challenges caused by the COVID-19 pandemic and this had taught everyone the importance of having viable alternatives when ”traditional supply chains are unable to serve our needs.”

He said: ”The current global challenges are expected to continue into 2023 and beyond, but Nigeria is ready to fill a greater amount of global demand.

”We are leveraging on our skilled labour-force, strategic location, as well as production and manufacturing potential to move forward as a key trading partner to the United States.

”I have always held the strong conviction that there is no crisis without an accompanying opportunity and solution.

”Increased collaboration with Nigeria and other developing markets is needed to mitigate against both current and potential future supply-chain challenges.”

He expressed confidence that the situation in the world today presented an opportunity for real sector investment in Nigeria.

The president noted that since signing the African Continental Free Trade Agreement, Nigeria had strengthened its position as a gateway to an integrated continental market, consisting of 1.3 billion consumers with an aggregate GDP of $3.4 trillion.

Further, he stated that the administration had focused strongly on developing Nigeria’s manufacturing sector, and given the country’s enormous natural resources.

Read Also:  Shippers’ Council Urges Support To Boost Maritime’s Contribution To GDP

However, according to him, technological partnership is needed to transform this natural endowment into high value goods.

”To drive forward our manufacturing and production capacity, we have developed 17 operational Special Economic Zones with four more currently under construction.

”Fourteen of these are general economic zones which support export processing, large-scale manufacturing, warehousing, logistic services, tourism, food processing and packaging as well as technology development;

”The remaining three are dedicated to oil & gas related activities.

”We have furthermore commenced the development of three automotive Industrial Parks that encourage the local assembly of vehicles for the Pan-African market.”

Buhari also used the occasion to list fiscal investment incentives formulated to encourage increased private capital inflows into Nigeria.

They include: ”Three to five years of tax holidays for enterprises in what we deem pioneer industries;

”Tax-free operations and no restrictions on expatriate quotas in our Free Trade Zones; capital allowances for agriculture, manufacturing and engineering; and a VAT regime of 5 percent; among others.”

The president of the Republic of The Gambia, Adama Barrow was a Special Guest at the event.

shippingposition

Kindly like us on Facebook/twitter


Tags: Buhari

Related Posts

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025
NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

July 5, 2025
Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

July 5, 2025
Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

July 4, 2025

Latest News

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Nigeria Maintains Zero Piracy In 3 Years-Oyetola

Tin Can Customs Rakes In ₦747bn In 6 Months

Customs Intercepts 2,693 Parcels Of Hemp In Ogun

NRC To Restore Offa Train Service Before End Of 2025 – Opeifa

Customs CG Honoured by Officers as Chairperson of the WCO Council

Customs CG Donates 13 Vehicles To Customs Idiroko Command

Apapa Customs Seals Three Bonded Terminals, Seizes 27 Containers in Anti-Smuggling Crackdown

Clarion Shipping Unveils Nigeria’s First Indigenous Container Vessel, Targets West African, China-Nigeria Trade Routes

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver The liver is a vital organ located in the right upper abdomen, playing a crucial role in metabolism, detoxification, and digestion. It’s the largest solid organ in the body and is responsible for filtering blood, maintaining blood sugar levels, regulating clotting, and synthesizing essential proteins. The liver also stores energy, removes toxins, and produces bile, which aids in digestion Liver functions: · Metabolism and Detoxification: The liver processes nutrients from the blood, breaks down and balances them, and creates essential substances for the body. It detoxifies harmful substances like drugs and alcohol, converting them into less toxic forms for excretion. The liver plays a role in the metabolism of proteins, carbohydrates, and fats. It stores glycogen (a form of glucose) and vitamins, releasing them when the body needs them. · Digestion: The liver produces bile, which is stored in the gallbladder and released into the small intestine to help digest fats. Bile also helps in the absorption of fat-soluble vitamins. · Blood Regulation: The liver regulates blood sugar levels by storing and releasing glucose. It synthesizes clotting factors, which are essential for blood clotting. It removes old red blood cells and processes bilirubin, a byproduct of red blood cell breakdown. · Other Functions: The liver plays a role in immunity, helping to fight off infections. It produces proteins that are involved in the immune response. The liver also stores iron and other essential minerals. Frequently Asked Questions About The Liver · What are the first signs of a bad liver? The initial signs of liver problems can be vague and subtle, often including fatigue, nausea, and loss of appetite. As the liver’s condition worsens, more specific symptoms may emerge, such as jaundice (yellowing of the skin and eyes), itchy skin, dark urine, and light-colored stools. Abdominal pain, especially in the upper right quadrant, can also indicate liver issues. · Where do you feel liver pain? Liver pain is typically felt in the upper right abdomen, just beneath the rib cage. It can manifest as a dull, throbbing pain, a stabbing sensation, or a general feeling of discomfort in that area. In some cases, liver pain might be felt as an ache in the right shoulder or back. · What does liver pain feel like? How liver pain feels can vary from person to person, depending on the cause. However, most people often develop one or more of the following symptoms: Dull, persistent aches in the upper abdomen A feeling of fullness or bloating Sharp, stabbing pains that come and go Tenderness when the upper abdomen is touched · What is the best way to cleanse your liver? If you haven’t been working out, start indulging in a regular exercise regime to allow the toxins to come out of your body. Yoga, going running, hitting the gym, or a simple sauna session can also prove effective. If you want a natural liver cleanse, sweating is the way to go. · How to know if the liver is swollen? What are the symptoms of an enlarged liver? You likely won’t notice an enlarged liver on your own. In some severe cases, you might notice a feeling of bloating or fullness in your belly or an ache in your upper right abdomen. · What is the best drink to flush your liver? Many citrus fruits, including lemon, can be added to water to help stimulate and flush out the liver. Lemons are high in nutrients like vitamin C and antioxidants

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition