Processed wood exporters seek share of $152.94bn market as FG lifts ban
As the Federal Government recently lifted the export embargo on processed wood, exporters have stepped up their attempts to profit from the exporting of the good, with a market value estimated at approximately $152.94 billion for the year 2023.
Also, they are aiming to export charcoal, which has a current market worth estimated at about $5.41 billion.
In an effort to revitalize enterprises, particularly those that turn waste into wealth and so improve the country’s foreign currency profits, the government has temporarily relaxed the restriction on the export of processed wood and charcoal.
During a stakeholder consultation meeting in Abuja on the review of the ban on charcoal and suspension of processed wood and other related items, Minister of Environment Mohammed Abdullahi made this announcement.
According to Abdullahi, the restriction has inadvertently damaged numerous firms, particularly those who turn garbage into money for export. As a responsible government, we wouldn’t be inflexible in our policies and would constantly take the opinions of the people into consideration.
I thus declare that the export bans or suspensions on processed wood and charcoal, respectively, are being conditionally lifted.
Abdullahi, however, emphasized that the government’s choice presents a chance for the private sector and individuals to make significant investments in plantations for use in the future.
Also, he advised business owners to abide by the Nigeria Timber Legality Standards and Guideline for Wood and Charcoal Export in order to avoid prosecution since failing to do so might result in the decision to remove the ban being reconsidered.
Dr. Ezra Yakusak, the executive director of the Nigerian Export Promotion Council (NEPC), praised the government for eliminating the ban on the export of both goods in his remarks but cautioned exporters to follow the rules if they wanted to take full advantage of the new prospects.
Yakusak said that the council was more eager than ever to enable Nigerians who wanted to export the aforementioned goods by offering flawless trade facilitation.
