Post by Trade facilitator on Aug 11, 2019 17:33:59 GMT 1
Nigeria’s export industry remains largely underutilized because we are still waking up from our oil-induced slumber and government is making every effort to promote economic diversification through non-oil exports. Here are some of the benefits of agricultural export business to the country’s economy and the individual:
1. Economic diversification: No nation can grow effectively without export. Export is trade between countries. It is one of the ways countries grow wealth and one of the cheapest means of FOREX.
2. It is very profitable: While importers lament bitterly due to the embarrassing forex quagmire, exporters are the ones who smile – no, laugh – to the bank. More people are realizing this and the business is booming.
3. It creates employment: Export creates employment for not just the exporter, but for everyone in the chain. From the people who produce the exportable commodities, to the product sourcing agent, the haulage company, shipping line workers, the list is endless but you get the idea.
4. Reduce post-harvest losses: to make this point clearer, the Food and Agriculture Organization (FAO) of the United Nations estimates that Cassava produced in Nigeria goes mainly to feed and food (on average 45.6 percent and 45.7 percent respectively, while the rest of it goes to waste. Exportation reduces this loss/waste through processing and exporting the products in the value chain to other countries.
1. Economic diversification: No nation can grow effectively without export. Export is trade between countries. It is one of the ways countries grow wealth and one of the cheapest means of FOREX.
2. It is very profitable: While importers lament bitterly due to the embarrassing forex quagmire, exporters are the ones who smile – no, laugh – to the bank. More people are realizing this and the business is booming.
3. It creates employment: Export creates employment for not just the exporter, but for everyone in the chain. From the people who produce the exportable commodities, to the product sourcing agent, the haulage company, shipping line workers, the list is endless but you get the idea.
4. Reduce post-harvest losses: to make this point clearer, the Food and Agriculture Organization (FAO) of the United Nations estimates that Cassava produced in Nigeria goes mainly to feed and food (on average 45.6 percent and 45.7 percent respectively, while the rest of it goes to waste. Exportation reduces this loss/waste through processing and exporting the products in the value chain to other countries.
