The Nigerian Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, says the Federal Government is poised to boost non-oil exports and, therefore, has inaugurated a steering committee for the implementation of the Export Expansion Facility.
Mr Adebayo, who disclosed this in a statement by his Special Assistant on Media, Ifedayo Sayo, warned that if the country does not grow its non-oil exports, the economy would remain vulnerable to external shocks with ripple effects of devaluation, inflation and unemployment.
“Export growth is at the centre of our strategy for diversifying Nigeria’s sources of foreign exchange and reducing the vulnerability of the economy to external shocks.
“We have witnessed time and again, the devastating impact that events outside our control can have on our livelihoods due to our reliance on a primary source of foreign exchange.
“The coronavirus pandemic further amplified these vulnerabilities and reminded us that if we do not grow non-oil exports, our economy remains vulnerable to external shocks and their ripple effects of devaluation, inflation and unemployment. However, I believe we are on the right path in addressing these concerns and have chosen the right partners for the journey,” he said.
The Minister noted that the Export Expansion Facility is aimed at protecting export businesses from the effects of the COVID-19 pandemic, safeguarding jobs and de-risking the economy from shocks like the COVID:
“Its primary goal is to increase Nigeria’s export capacity in the near term and its export volumes in the medium term.
“Besides, it represents a huge financial commitment from the government and demonstrates President Buhari’s commitment to export diversification.”
The committee, headed by the Minister as chairman, included Mr Nnamdi Okonkwo, former MD, Fidelity Bank Plc as vice chairman, Executive Director/Chief Executive Officer; NEPC, Representative of the Chairman of NEC Committee on Exports; Engr. Mansur Ahmed, President, Manufacturers Association of Nigeria, and Mrs. Suratu Umar; Founder/Chief Executive Officer, Aisston Consulting.
Other members are Representative of the Hon. Minister of Finance, Budget & National Planning, Mr. Suleiman Audu; Director, Commodities and Export Department, Federal Ministry of Industry, Trade & Investment, Mr. Kamar Bakrin; Technical Adviser to the Minister of Industry, Trade & Investment and Dr Ahmed Bashar; Special Adviser to the Minister of State for Industry, Trade & Investment, who will serve as secretary.
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