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Tue, Jul 11, 2023 1:00 PM

NECA 2023 Annual Employers' Summit: Fostering Collaboration on Non-Oil Export Value Chain

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NECA 2023 Annual Employers' Summit: Fostering Collaboration on Non-Oil Export Value Chain
The Nigeria Employers' Consultative Association (NECA) is organizing its 2023 Annual Employers' Summit to promote collaboration in the non-oil export value chain. The event aims to diversify the Nigerian economy, strengthen foreign exchange earnings, and generate crucial revenue. Renowned keynote speakers, including Dr. Ngozi Okonjo-Iweala and Dr. Akinwunmi Adesina, will grace the occasion, along with influential personalities from government and financial institutions.

The Nigeria Employers' Consultative Association (NECA) is set to host its highly anticipated 2023 Annual Employers' Summit, focused on fostering collaboration within the non-oil export value chain. With the aim of creating a roadmap towards diversification and sustainable economic growth, the summit promises to be a platform for fruitful discussions and the formulation of strategies to harness the gains from non-oil exports.

For decades, the Nigerian economy has been heavily reliant 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, as witnessed during the recent oil price fluctuations.

Recognizing the need to reduce this vulnerability, NECA has organized the 2023 Annual Employers' Summit to bring together key stakeholders, experts, and decision-makers in the field of trade and non-oil exports. The summit aims to increase the contribution of non-oil exports and foreign earnings while creating awareness of the potential of trade and non-oil exports as a major economic driver.

The theme of this year's summit, 'Trade and Non-Oil Export: Changing the Narratives for Rapid National Development', reflects the urgency to shift the focus from oil-dependent revenue to other sectors that can drive sustainable economic growth. The summit will provide a platform for a wide range of influential speakers, including Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), and Dr. Akinwunmi Adesina, President of the African Development Bank (AfDB).

Other notable attendees include prominent political figures like President Bola Ahmed Tinubu and Vice President Sen. Kashim Shettima. A lineup of influential speakers, including heads of international financial institutions and directors of Nigerian trade organizations, will contribute their expertise to the summit.

The summit aims to achieve several key objectives. Firstly, it seeks to develop strategies to increase the contribution of non-oil exports and foreign earnings, reducing the economy's heavy reliance on crude oil revenue. By diversifying revenue sources, the Nigerian economy can become more resilient to external shocks and market fluctuations.

Additionally, the summit aims to create awareness of the potential of trade and non-oil exports as a major economic driver. Nigeria is endowed with abundant natural resources and agricultural produce, providing immense opportunities for export-led growth. The summit will showcase these inherent opportunities and highlight various export sectors, such as agriculture, solid minerals, and manufacturing.

Facilitating collaboration and partnership within the trade and non-oil export value chain is another crucial objective. By bringing together key stakeholders, including government agencies, financial institutions, and trade organizations, the summit aims to foster collaboration and remove bottlenecks that hinder the growth of non-oil exports.

The summit will also emphasize the importance of promoting a favorable regulatory environment. To attract more investments and enhance export competitiveness, policymakers and regulators need to create an enabling environment with transparent and business-friendly policies, streamlined procedures, and adequate infrastructure.

Another key focus of the summit is to deepen stakeholders' awareness of the implications of the African Continental Free Trade Area Agreement (AfCFTA). The recently implemented AfCFTA creates a vast market for intra-African trade, offering opportunities for Nigerian exporters to access a larger customer base and expand their businesses across the continent.

Lastly, the summit aims to showcase the inherent opportunities for trade and non-oil exports within the Nigerian economy. By highlighting success stories and showcasing the potential of various sectors, the summit will inspire entrepreneurs, investors, and aspiring exporters to explore and tap into the abundant opportunities that non-oil exports offer.

The NECA 2023 Annual Employers' Summit comes at a critical time for Nigeria's economy, as the country seeks to strengthen its non-oil sectors and reduce its dependence on oil revenue. By fostering collaboration, promoting awareness, and creating an enabling environment, the summit aims to drive rapid national development, greater economic resilience, and sustained growth for Nigeria.

Source of content: OOO News 2023-07-11 News

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