The Federal Government has inaugurated the steering committee, which would implement the Export Expansion Facility (EEF) focusing on non-oil exports. This was disclosed by the Minister of Trade and Investment, Otunba Adeniyi Adebayo, who inaugurated the committee on Thursday.
The Minister told the committee that Nigeria’s economy remains a target for external shocks, including devaluation and inflation if Nigeria’s non-oil economy is not properly developed.
“We have witnessed 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 Minister said.
“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 added.
Mr Adebayo also stated that the Export Expansion Facility would protect export-based businesses that were negatively affected by the pandemic. He revealed that the main goal would be to increase Nigeria’s non-oil export capacity in the short term and increase Nigeria’s non-oil export in the longer term.
He said their duties are:
Ensure on-time implementation of the programme in line with FG’s expectations.
Implementation is in line with the benefit of its beneficiaries. Approval of Programme Implementation Plan and Budget in accordance with agreed priorities and approval of implementation strategy of EEF’s projects and target.
The Minister will be the Chairman of the committee; other members include Mr Nnamdi Okonkwo, former MD, Fidelity Bank as the Vice Chairman and Mr Olusegun Awolowo, Executive Director, Nigeria Export Promotion Council.
Mr Mansur Ahmed, President, Manufacturers Association of Nigeria, Mr Suleiman Audu, Director, Commodities and Export Department of the ministry, and Mrs Suratu Umar, Founder/Chief Executive Officer, Aisston Consulting, and others.