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 exchange profits, the government has temporarily relaxed the restriction on the export of processed wood and charcoal.
At 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.
Abdullahi confirmed: “The Ministry has observed that many businesses have been unintentionally affected especially those converting waste to wealth for export by the ban. As a responsible government, we would not be rigid in our policies, and will always listen to citizens on how these policies affect them.”
“After careful deliberations, I hereby pronounce the conditional lifting of ban/suspension on the export of charcoal and processed wood respectively.”
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 because failing to do so could result in the decision to lift 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 claimed that the council was more eager than ever to enable Nigerians who wanted to export the aforementioned goods by offering flawless trade facilitation.
