How does the Nigerian government address export-related geopolitical risks?
The Nigerian government has not taken any recent actions to address export-related geopolitical risks. However, the government has taken steps to address other economic and security challenges ¹. Some of the measures taken by the government include ² ³:
- *Diversification of the economy*: The government has taken steps to diversify the economy, including investing in agriculture, mining, and manufacturing. This is aimed at reducing the country's dependence on oil exports.
- *Promoting non-oil exports*: The government has implemented policies to promote non-oil exports, including the creation of export processing zones and the provision of incentives for exporters.
- *Improving infrastructure*: The government has invested in improving infrastructure, including transportation networks and energy supply. This is aimed at reducing the cost of doing business and improving the competitiveness of Nigerian exports.
- *Addressing security challenges*: The government has taken steps to address security challenges, including the deployment of troops to conflict zones and the implementation of a national security strategy.
- *Implementing the Petroleum Industry Act*: The government has implemented the Petroleum Industry Act, which aims to reform the oil and gas sector and address issues such as corruption, inefficiency, and environmental degradation.
These are some of the measures taken by the Nigerian government to address economic and security challenges. However, the effectiveness of these measures in addressing export-related geopolitical risks is not clear.
The Nigerian government has taken the following measures to address export-related geopolitical risks
Oil-backed growth: Supported by an average oil price higher than the previous year and an increase in oil production.
Investments: Directed towards services, such as financial engineering and audiovisual production.
Industry and agriculture: Supported by subsidies and public guarantees to diversify the economy.
Security challenges: Addressed through measures to counter the activities of the Islamic State in West Africa Province (ISWAP) and Boko Haram in the northeast of the country, banditry, clashes between herders and farmers, and separatism in the southwest and southeast.
