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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Wednesday expressed concern about the increasing presence of cartels and illicit traders in the solid mineral industry.
Dele Oye, NACCIMA’s National President, issued the warning during the 2024 Export Conference of the Nigerian Exporters Hub (NEXHUB) in Abuja, which also marked the inaugural shipment of 10 containers of local produce to China.
Oye highlighted the risks faced by new entrants into the export sector, particularly in gold and other natural mineral resources, due to the operations of criminal syndicates. However, he noted that partnering with reputable export organizations like NEXHUB can help reduce these risks.
“There is a lack of transparency in the market, which allows criminal activities to thrive. Often, sales are done indirectly, forcing sellers to deal with cartels and accept their prices,” Oye said. “What we aim to do is connect those who have long struggled with these challenges to legitimate markets.”
He encouraged participants to explore potential mineral resources in their regions, adding, “Nigerians should take pride in selling products and earning in foreign currency. Our collaboration with NEXHUB on solid minerals is a promising step in this direction.”
Sule Dafang, Director of the Federal Produce Inspection Service, also addressed the event, emphasizing that Nigeria’s large population could become an economic asset if more people engage in production rather than consumption.
“A country that seeks to develop its economy must capitalize on its comparative advantages and resources,” Dafang said. “Each state in Nigeria is richly endowed, and by focusing on developing these resources, we can strengthen our economy.”
NEXHUB Managing Director, Babatunde Faleke, highlighted the resilience of the export industry in relation to Nigeria’s foreign exchange challenges, noting, “Forex is not a concern for us because we generate it through exports. Exporters play a key role in alleviating the country’s forex issues.”
NEXHUB Chairman, Victor Ayemere, urged potential investors not to be discouraged by fears of shipment losses, reassuring that the export process is safe and accessible for all who meet the requirements.
