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Analysis of the Potentials of Nigeria’s Services Sector for Economic Diversification, Employment, and Foreign Trade.

A roundtable event on the potentials of exporting the services sector in Nigeria. At the Roundtable, it was noted that among business owners and exporters, there is little understanding of what services export entails. Many businesses engage in service exports but are not aware of this. Understanding the four modes of services – Cross border trade, Consumption abroad, Commercial presence, and Presence of natural persons – is important for business growth. To achieve this, stakeholders including the NEPC will need to conduct capacity building and sensitisation workshops for exporters, working with relevant business associations.

CBN forex dialogue report (I)

In June 2015 the Central Bank of Nigeria restricted the sale of foreign currency for the purchase of certain items following a slump in government revenue resulting from a decline in crude oil prices. The decision aimed to conserve foreign reserves, facilitate the resuscitation of domestic industries and improve employment generation, but proved unpopular, particularly due to its unintended impact on small businesses.

Against this background, the Central Bank of Nigeria forex policy dialogue was held in September 2015 to examine the impact of the foreign exchange policy on small and medium-sized businesses and citizens, gain a better understanding of the bank’s plans and seek alternatives and next steps. This event report sums up the key messages to emerge from the dialogue.

Non-oil exporters dialogue (Forum 6)

Micro, small and medium-scale enterprises are significantly represented among businesses involved in formal and informal cross-border trade and non-oil export, but many are unable to participate competitively due to challenges in the business environment. To support efforts to effectively position Nigeria’s micro, small and medium-scale enterprises for the global market, Policy Development Facility Phase II organised a series of forums aimed at improving access to finance for non-oil exporters and at developing non-oil exports in Nigeria. This report summarises the sixth forum in the series, and focuses on ‘Improving Trade Competitiveness and Business Environment in the South East’.