The Nigerian Minister of Industry Trade and Investment, Mr Adeniyi Adebayo says Nigeria must take advantage of the African Growth Opportunity Act, AGOA before it expires in two years.
Mr Adebayo who said this when he recieved the report of the Technical Committee on the Utilization of AGOA in Abuja, Nigeria’s capital, commended the member of committee for the utilization of AGOA.
According to him, “I am pleased that the time spent has enabled the delivery of a robust document aimed at improving the country’s prospect of benefiting from the AGOA scheme”
“Your committee was saddled with the responsibility of providing a quick impact intervention and AGOA implementation and to develop a streamline of 6month wealth plan with the target of 500 million dollars export volume to the US amongst others,” he said.
Effective Implementation
The Minister noted that effective implementation of the work plan would create more employment opportunities, generate wealth and prosperity for the nation and the citenzenry through increased non-oil export .
“The production of the report and work plan marks the completion of the first phase of the task and there is still a lot of work to be done.
“I am confident in the capacity of this committee to place Nigeria among the top beneficiary of the AGOA sheme before its expiry.” Adebayo said.
While delivering the report, the Co-chairman of the Committee and Director Trade, Ministry of Industry Trade and Investment, Mr Suleiman Audu said the committee developed a Work plan and a budget and the Report within four weeks of its inauguration.
He explained that the committee identified 6 focal sectors/products for effective coordination and actualization of the work plan across the six geopolitical zones.
Mr Audu said they include; the Agro-products; cosmetics based on shea butter and coconut oil extracts; Textile garments; Processed Food and Beverages; Leather and leather products; and Art and craft.
According to him, “There is an increasing demand for them in the US market; there is huge production capacity and can easily be sourced; the products are covered under the AGOA eligibility products; the products are MSMEs inclusive; the sectors are supported by US Trade Facilitation Agencies; they have gained acceptability in the US market; and the required standards are easily attainable by MSMEs and are cost effective.”
Mr Audu who presented the report on behalf of the Chaiman of the Committee and Director General Nigerian Export Promotion Council, Mr Ezra Yakusak stated that the Committee developed a Work Plan with eight major proposed programmes and activities.
He also said in line with the work plan an estimated budget of ₦590,000,000, is contained in the report.
“The committee put forward the following recommendations for effective and efficient realization of the set goals for this Committee.
“Approve in the short-run a shared pilot implementation scheme for the feasible first two key activities on the Work plan programmes, immediate consideration and approval of special intervention funds and other sources for the full implementation of the work plan/budget, and provision of funds/grants to exporters for optimal facilitation of AGOA export.
“Establish necessary contacts for efficient cooperation with US firms and organizations like Food and Drug Administration, United States Department of Agriculture, The Consumer Product Safety Commission and Federal Trade Commission amongst others,” he added.
Confidence Okwuchi
