Nigeria inaugurates committee to grow non-oil exports

Minister for Industry, Trade and Investment, Adeniyi Adebayo, has warned that a country that fails to grow its non-oil exports would make its economy to be vulnerable to external shocks with attendant ripple effects of devaluation, inflation and unemployment. He made the comment yesterday while inaugurating a committee for implementation of the Export Expansion Facility [EFF] in Abuja.

“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 the devastating impact 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. I believe we are on the right path in addressing these concerns and have chosen the right partners for the journey,” Adebayo said.

The minister, in a statement singed by his Special Assistant on Media, Ifedayo Sayo, said the EEF is aimed at protecting export businesses from the effects of COVID-19 pandemic, safeguarding jobs and de-risking the economy from shocks.

According to Adebayo, the EFF’s 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.”

Adebayo listed the duties of the steering committee to include ensuring that the programme is implemented in line with the Federal Government’s objectives and for the benefit of its intended beneficiaries, approving the programme implementation plan and budget and ensuring the programme is implemented on time, on budget and in accordance with agreed priorities.