FG pledges support for domestic production, export

The federal government on Friday restated its commitment to improving the trade environment to boost domestic production and export.

President Muhammadu Buhari, who said this at the Lagos Chamber of Commerce and Industry (LCCI), 2022 Lagos International Trade Fair (LITF), with the theme: “Connecting Businesses, Creating Value,” said his administration had disbursed a total of N785billion through the Bank of Industry from 2019 to 2022.  

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The president, represented by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the federal government, through the Central Bank of Nigeria (CBN), also initiated programmes to encourage domestic production and export, some of which include the Anchor Borrowers’ Programme (FGN) Special Intervention Fund for MSMEs and N150bn Targeted Credit Facility.

While describing the country’s ratification of the African Continental Free Trade Area (AfCFTA) as a great opportunity, Buhari said that for the country to do better economically, the public and private sectors must work together.

The host governor, Babajide Sanwo-Olu of Lagos State, pledged that the state would continue to prioritise the growth and development of Micro, Small and Medium Enterprises (MSME) to further boost the economy of the state.