Awolowo attributes lack of export market knowledge for trade failure

Segun Awolowo, the Executive Director of the Nigerian Export Promotion Council (NEPC), has attributed the lack of export market training as one of the major reasons why Nigerian exporters failed in the international market.

Awolowo  disclosed this while speaking  at  the “Export Market Strategy/Readiness Training for Nigerian Women-Owned Businesses,” organized in Benin city, Edo State by the Edo State Nigerian Export Promotion Council (NEPC).

Awolowo who was represented by Mrs Patience Afangide said women partaking in trade promotes gender inclusiveness, increases the growth potential of the nation and creates a more balanced framework for sustainable development.

The Executive Director NEPC, said” lack of export market training is one of the major reasons why Nigerian exporters fail in the international market.

“Exporters need to learn the specific requirements of the target markets, as well as, the certification needed for the product to be exported.

“It is on this premise that the Council decided to organize this workshop that comprised of coaching, mentoring and networking sessions to give women entrepreneurs the opportunity to improve their readiness and knowledge of competitiveness in the export market”.

He cited a recent survey conducted by the World Bank which revealed that Nigeria has one of the highest rates of female entrepreneurship in the world.

According to him, most of these businesses are classified as low-level female entrepreneurship because they operate informal sectors that yield very little income.

“There is an urgent need to increase women’s potential to partake in high-level businesses that can foster financial empowerment, job creation and social development in their communities,” he added.

In his presentation, the Executive Secretary of Institute of Export Operations and Management ( ESIEM), Mr Ofon Udofia,  appealed to exporters  to embark on proper market research analysis very well before they venture into export trades.

Udofia who is also the Chief Executive Officer, of the Institute, highlighted that, in export business, exporters must do their market analysis, study and analyze the business they want to do or enter.

Research, he noted, is the key to foreign market selection, pointing out that, researching potential markets help to identify and determine where they can mostly sell their product and they must understand their market.

“Exporters must specify their market pricing and segments, to know domestic and international competitors, know the trade channels and how they can access them and must know the market risk and trade barriers,” he added.

Commenting on the approach to researching potential markets, he said exporters should develop short list of potential markets, create structured research outline, as well as diging deeper than the basic facts and figures and research and gathered information before going into the trade.

Commenting on the topic, “Developing Export Strategy and Selecting Export Market,” Udofia, mentioned the  cost of developing the market, the products adaption requirements, the market size, degree of competition, cultural awareness, existing trade agreement and type of governments laws on exporters.

He also butressed that exporting demands great planning and needs people that are open, flexible, problem solvers and quick at adapting to new situations, warning them to equip themselves with vital knowledge of documentation, standard and certifications.

in her address Edo State Export Promotion Council, Benin Export Assistance Office, Mrs. Ngozi Ibe, said, the event was organized to build the capacity of women and to upgrade product quality, packaging and labeling in line with international best practices and standards cannot be overemphasized.

In her remark, the President, Benin Chamber of Commerce, Industry, Mines and Agriculture,(BCCIMA), Mrs. Aina Omo-Ojeonu, said when women are involved in export trade that it would help to reduce unemployment and other benefits.

In her statement, the Edo State Coordinator of Exporters’ Cluster, Mrs. Rhona Peters, urged the exporters to properly package their products with quality and good libel before exporting them to international markets.

Peters charged them not to focus on a particular product, but to package more than one product for export and urged them to abide by the guest lecturers’ lecture so that they will gain more.