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Vice-President Kashim Shettima says the federal government will support local manufacturers with N75 billion by March 2024, in a bid to bolster the manufacturing sector.
Shettima disclosed this at the second national conference on non-oil export organised by the Nigerian Export Promotion Council (NEPC) in Abuja on Wednesday.
The conference is themed: “Building a sustainable national economy through non-oil export”.
The vice-president said the N75 billion will support 100,000 startups and micro small and medium enterprises (MSMEs) at single-digit interest rates.
Shettima, who was represented by Jumoke Oduwole, special adviser on Presidential Enabling Business Environment Council (PEBEC) and investment, also said the necessary infrastructure to support increased non-oil exports will be provided.
“There can never be a better time to envision a conference of this nature than now; a time to reflect on non-oil exports,” he said.
“Over the years, the nation’s major source had been 80 percent dependent on oil revenue.
“Today, we find ourselves in protracted situations and challenges. All indications point to the fact that we have to prioritise our non-oil export.
“This administration will give every support to boost non-oil exports.”
Shettima added that the federal government is committed to supporting made-in-Nigeria products.
“We will prioritise capacity building for MSMEs, we will invest in human capital development,” he said.
“We need to work diligently to utilise the opportunity provided by the African Continental Free Trade Area (AfCFTA) by deepening our existing values and expanding our foreign exchange earnings.”
SUPPORT EXPORTS OF MADE-IN-NIGERIA PRODUCTS
On her part, Doris Uzoka-Anite, minister of industry, trade, and investment, expressed concern that Nigeria operated a mono-product economy for so long.
She, however, said despite the challenges, the government’s efforts to ensure diversification was beginning to yield positive results.
“Nigerian non-oil exports grew by almost 40 percent in 2022, reaching $4.820 billion,” Uzoka-Anite said.
“Semi-processed and manufactured products accounted for almost 37 percent of these exports, surpassing agriculture’s 30 percent.
“This is a big step in the right direction. We no longer have the luxury of business as usual when it comes to the business of making sure Nigeria succeeds.
“We can no longer afford to export raw materials cheaply and import finished products at premium prices.
“Our focus for exports is locally manufactured value-added products that create both business and employment.”
PROTECT NON-OIL EXPORT EARNINGS
Ezra Yakusak, chief executive officer (CEO) of NEPC, said the council has significantly increased the contribution of the non-oil sector to the Nigerian economy.
The NEPC boss also asked the federal government to urgently address challenges faced by farmers and exporters of ginger in Nigeria.
According to Yakusak, about 2,503.9 hectares of farmland have been affected, with an estimated loss of over N8 billion.
He said from the huge financial and economic loss, the disease is affecting the income and livelihoods of ginger farmers who are mostly MSMEs.
“With the outbreak of the disease, Nigeria’s non-oil export performance may experience a steep decline, except the issue is adequately addressed, ” he said.
“With the current state of the naira, every single source of foreign exchange must be carefully and jealously protected.”
Yakusak urged the federal government to declare the ginger fungi infestation a crop pandemic and fight it with the same viciousness used to battle the COVID-19 pandemic.
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