This award comes weeks after British America Tobacco was nominated alongside Dangote Group and Indorama Corporation for the Best Exporter of the Year Category.
While conferring the honor, Dr. Ezra Yakusak, Executive Director and Chief Executive, NEPC, explained that the council recognized all the non-oil exporters who have achieved notable successes and contributed to the expansion and development of the Nigerian economy in recent years.
At a time when Nigeria is preparing for a future beyond oil, BAT has consistently ranked among the top five non-oil exporters, in Africa’s most populous country, generated over $900 billion in revenue for the Nigerian government, and created over 350, 000 direct and indirect employment opportunities in the economy.
BAT Nigeria commenced its export operations 16 years ago to three West African countries. However, it has expanded this initial capacity to 14 countries in West and Central Africa, generating $1 billion in revenue. These products are manufactured at the company’s $185 million ultra-modern plant located at Ibadan, Oyo state, which serves as the manufacturing hub for the West and Central African regions. This is also happening at a time when African countries are seeking to boost intra-African trade through the African Continental Free Trade Area (ACFTA), opening up a $3.4 trillion borderless market, according to the United Nations Conference on Trade and Development (UNCTAD)
Odiri Erewa-Meggison, Director, External Affairs, BAT West and Central Africa in her statement, expressed her delight at the award conferred on the organization. In her words, “The Nigerian Export Promotion Council’s recognition of our exports to the West African market speaks about our contribution to the region’s economic growth and development. We have been involved with Nigeria; the West African region and we remain committed to advancing the entire African economy”.
She added “About twelve months ago we announced the transformation of our corporate strategy as a group to achieve our evolved purpose to build A Better Tomorrow ™ for all our stakeholders. This means reducing the health impact of our business by offering a greater choice of enjoyable and less risky products to our consumers. We have radically redefined ourselves and our operations and are a multi-category company, today”.
Non-oil exports, which made for 11.32 percent of all 2021 exports in Nigeria, are quickly becoming a significant source of foreign exchange earnings, but oil still accounts for nearly 76 percent of all exports to the nation, according to the National Bureau of Statistics (NBS).
The sheer size of Nigeria’s economy means that it contributes significantly to West Africa’s gross domestic product (GDP). According to the African Development Bank (AfDB), Nigeria is the largest contributor to West Africa’s wealth creation. The country makes about 75 percent contribution to the regional GDP. What this means is that Nigeria’s economy is three-quarters of the West African Economy.
BAT’s award means the company is not only contributing to the diversification of Nigeria’s non-oil exports but also promoting and expanding a much-desired intra-African trade. BAT Nigeria’s intra-African export milestones show how much the continent’s free trade area can achieve in building a pan-African industry. A focus on more intra-African trade promotes African industrialization and the advancement of its manufacturing sector, providing more employment opportunities for the continent’s booming youth population.
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