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The Council is the leading Federal Government Agency charged with the responsibility of promoting non-oil export in Nigeria to diversify away from oil and build a formidable economy. The headquarters of the Council is located at Export House, Plot 424 Aguiyi Ironsi Street, Maitama, Abuja.
The strategy seeks to find a niche in the world economy for a certain type of export. Industries producing this export may receive governmental subsidies and better access to the local markets. By implementing that strategy, countries hope to gain enough hard currency to import commodities manufactured more cheaply elsewhere. [2]
Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [56] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
To create a successful global strategy, managers first must understand the nature of global industries and the dynamics of global competition, international strategy (i.e. internationally scattered subsidiaries act independently and operate as if they were local companies, with minimum coordination from the parent company) and global strategy ...
The export revenue from a single product can be as high as 75% in some instances. [ 2 ] According to UNCTAD's State of Commodity Dependence 2021 report, published on September 8, the number of countries that are heavily dependent on commodities has climbed over the past ten years, from 93 in 2008-2009 to 101 in 2018-2019.
In Nigeria, the cocoa tree is grown from seedlings which are raised in nurseries, when the seedlings reach a height of 3 cm they are transplanted at a distance of 3 to 4 meters. The cultivation of cocoa is done by many smallscale farmers on farmlands of around 2 hectares while export is dominated by a few firms.
As of 2007, Nigeria's oil revenue totaled $340 billion in exports since the 1970s and it was the fifth largest producer. [53] Nigeria imports most of its motor spirit, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. [54]
Nigerian Export - Import Bank (NEXIM Bank) Nigerian Export Promotion Council (NEPC) Oil and Gas Free Zones Authority (OGFZA) Nigeria Export Processing Zones Authority (NEPZA) Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Securities and Exchange Commission (SEC) Standards Organisation of Nigeria (SON)