The Nigerian economy is dominated by the informal sector, estimated at about 70%, and that includes the increasing export trade.

According to the Nigerian Export Promotion Council, NEPC Nigerians are exporting goods worth over $40 billion naira informally every year.

This means that the exports take place without being documented, so government has no way of knowing the volume of trade that goes on in that sector.

The Executive Director and the Chief Executive Officer of the NEPC, Mr. Segun Awolowo, was said to have disclosed this in Lagos on Friday during a visit to the President, Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture, Chief Alaba Lawson.

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According to him, a lot of goods are moving from Nigeria to other African countries without being documented.

He said the council had initially estimated such trade at $8 billion annually but going by the calculation of the International Trade Centre in Geneva, over $40 billion worth of goods were informally exported.

Awolowo worried that this informal trade did not reflect on the economy and sought the NACCIMA’s collaboration to formalise the trade.

“We want to work with NACCIMA to formalise this informal trade. We have to work with your chambers in all the states of the federation. We have to give these small business owners incentives that will make it better for them to do business,” he said.

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