In a bid to improve the accuracy of Nigeria’s trade statistics, the Nigerian Export Promotion Council (NEPC) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding to document informal cross-border trade valued at over $31.8 million. The agreement, finalized in Abuja, aims to capture export data from informal trade routes that have historically gone unrecorded, resulting in significant data gaps and economic planning challenges.
NEPC’s Executive Director, Nonye Ayeni, emphasized the crucial role informal trade plays in Nigeria’s economy, noting that it supports livelihoods and reinforces regional supply chains. She revealed that border state offices across Kano, Jigawa, Kebbi, Zamfara, Katsina, Sokoto, Lagos, Ogun, and Adamawa had recorded significant informal exports, including 1.6 million bags of onions, that were never captured in official data.
According to Ayeni, while Nigeria officially exported 7.291 million metric tonnes of non-oil products valued at $5.456 billion in 2024, this figure excludes informal trade activities. Informal exports to countries like Ghana, Benin, Niger, and Cameroon often go undocumented, despite their considerable economic impact. The new partnership aims to address this oversight and create a more inclusive and comprehensive national trade database.
The Statistician-General of the Federation, Prince Adeyemi Adeniran, echoed these concerns, stating that the absence of informal trade data undermines policy development and distorts Nigeria’s macroeconomic indicators. He added that informal trade makes up 20–40% of intra-African trade, with Nigeria playing a significant role due to its extensive land borders. Adeniran stressed the urgency of integrating informal trade data into the national framework to better reflect economic realities.
Both institutions agree that this strategic collaboration will not only improve statistical accuracy but also support inclusive economic growth. By formalizing the tracking of informal trade, the initiative aims to enhance border policies, support small and medium enterprises, and strengthen Nigeria’s role in regional trade. It also represents a step forward in aligning Nigeria’s trade statistics with broader continental efforts under the African Continental Free Trade Area (AfCFTA).
Source: Punch