The Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has emphasised the need for Nigerians to embrace non-oil export trade as an intelligent strategy to accelerate economic growth and bolster our foreign exchange reserves.
Senator Shettima made the call on Wednesday at the 2nd National Conference on Non-Oil Export, themed “Building a Sustainable National Economy through Non-Oil Export,” organised by the Nigerian Export Promotion Council (NEPC) in Abuja.
The Vice President, represented by Jumoke Oduwole, the Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, highlighted that it is the right time for collaboration to unlock the untapped potential within the non-oil export sector.
“We are relying on the nation to align with economic recovery strategies adopted by Mr. President. To make this a reality, each of us must fulfill our role, and it commences with the recognition that we must make informed decisions to steer our country away from the path of economic stagnation.”
In her opening remarks, Dr. Doris Uzoka-Anite, the Honourable Minister of the Federal Ministry of Industry, Trade, and Investment, emphasised that the exportation of goods and services is paramount to helping Nigeria address its current forex challenges, stimulate the economy, and boost entrepreneurship and employment opportunities.
She noted that Nigerian non-oil exports experienced nearly 40% growth in 2022, reaching $4.820 billion, with semi-processed and manufactured products accounting for almost 37% of these exports, surpassing agriculture’s 30%.
“Our focus for exports is locally manufactured value-added products that create both business and employment opportunities. To support local manufacturers, the federal government intends to invest N75 billion by March 2024 to strengthen the manufacturing sector. Another fund of N75 billion has been earmarked to support up to 100,000 start-ups and MSMEs at single-digit interest rates.”
Earlier, Dr. Ezra Yakusak, the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), explained that the momentum in the non-oil export sector must not only be sustained but also lead to new policy directions that will further enhance the sector’s development.
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