General news

Nigeria’s N50 billion export expansion program gathers momentum – Awolowo

Published

on

Nigeria’s N50 billion export expansion program gathers momentum – Awolowo

By Chijioke Okoronkwo

Nigeria is poised to boost its non-oil exports by leveraging the Economic Community of West African States (ECOWAS) network of trade promotion organizations (TPOs).

The network, which was recently inaugurated, aims to increase the volume of trade in the region.

Mr. Segun Awolowo, Executive Director of the Nigerian Export Promotion Council, NEPC, is also the first President of ECOWAS TPOs.

The NEPC has started to reposition the country’s exports through the implementation of its N50 billion Export Expansion Facility (EEFP) program.

The VET is part of the Economic Sustainability Plan (ESP), the development and implementation of which is led by Vice President Yemi Osinbajo.

The EEFP is expected to significantly increase the volume of non-oil exports to Nigeria, and it is a spin-off of the Zero Oil Plan developed by NEPC and endorsed by President Muhammadu Buhari.

In addition to providing financial support to the average Nigerian exporter, the EEFP will result in the establishment of premier warehouses in the country, close to airports where Nigerian products for export would be packaged to globally competitive standards. before their export.

The PSEA, in line with the ESP, aims to mitigate the effects of the COVID-19 pandemic on the non-oil export sector, thereby protecting jobs and creating new ones.

Earlier in March, the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, launched the EEFP and the first online Grant Management Portal (GMP) for non-oil exports.

While the EEFP is implemented by the NEPC, the Federal Ministry of Industry, Trade and Investment is the oversight body of the agency and its operations.

The program had expected 500 beneficiaries since its inception, but it has received more than 3,500 grant applications, of which more than 2,000 have been verified after fulfilling the eligibility criteria.

Federal government officials said further details and plans on disbursements to end recipients are awaited.

More so, Adebayo said that in addition to being an intervention to save and create jobs, the program will support resilience by strengthening foreign exchange, diversification, modernization of the Nigerian economy and acceleration of growth. economic and economic support.

Under the EEPF, there are 16 programs approved in the implementation work plan under seven work streams.

The main lines of work are capacity building, emergency response, export aggregation, export inclusion, export trade facilitation, institutional strengthening and market development.

Emergency response aims to help existing exporters respond to shocks caused by COVID-19, while market development involves entering export markets identified as priority product value chain analysis , leveraging the Africa Growth and Opportunity Act (AGOA) and other trade treaties.

Given the important role it plays in the growth of the Nigerian economy, the micro, small and medium enterprises (MSMEs) sector is the target group for VETE support and the Export Development Fund (EDF). .

At the recent inauguration of the TPO network, Osinbajo said there is a need to expand intra-regional trade in the ECOWAS sub-region, with the opportunities presented by the Continental Free Trade Area Agreement. African (AfCFTA).

For his part, Awolowo said the network would work to facilitate ease of trade for MSMEs within the ECOWAS region and Africa in general. (NAA)

Short Link: https://wp.me/pcj2iU-3Baw

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

70% of adults in the EU have received at least one vaccine PenCom develops automatic pre-retirement verification, registration application Germany awards scholarships to 9 NFI students – Spokesman PenCom begins payment of 2.5% pension differentials – DG Development / Children’s Golf Clinic will serve as the selection process for the Junior Open JO: Osaka says the pressure is “a bit strong” after crashing Pension fund reaches N12.66trn – PenCom Housing: the Minister of Public Works welcomes the driving role of the private sector Commission opens calls for tenders for the transfer of water between basins to Lake Chad Focus on secondary schools will promote grassroots cricket, ex-federation president says Aruna breaks down after her first match at the Tokyo Olympics Law Week: Osinbajo calls for a tech-driven legal system Osinbajo wants justice to embrace technology and innovation Nigeria-Cameroon border bridge will facilitate free trade – Fashola 4 other Bethel Baptist high school students find their freedom Mfum Bridge will strengthen Nigeria’s participation in AfCFTA – Fashola COVID-19: NCDC records 213 new infections, 2 deaths Entrepreneurship, panacea for national unemployment – Ooni Fashola advocates land for infrastructure Minister calls on African countries to focus on science and technology Nigeria to reopen its mission in San Francisco in the United States 2023: Group battery support for Yahaya Bello FG will support the UNICEF GenU – Osinbajo project Fayemi reaffirms its commitment to the unity of the nation and peaceful coexistence GDP: NAEE calls for clarification on 30% of border exploration revenue Mission condemns false publication against diplomatic relations between Ghana and Nigeria Vaccines and digital infrastructure will thrive in Africa – WTO, US Law Week: Osinbajo calls for a tech-driven legal system CVR: new online registrations reach 1 million – INEC Sokoto State records 397 fires in 7 months – Official Agriculture Minister presents tools to cocoa farmers in Ondo FG to poverty reduction through sustainable agriculture Nigeria adopts eco-hydrological solutions to tackle water challenges COVID-19 creates opportunities for innovation – Osinbajo Buhari signs 982.7 billion naira supplementary budget Global private equity assets have reached $ 4.50 billion in 10 years – FMDQ Adamawa registers 774 cases of sexual and gender-based violence, condemns 297 Rugby Africa / Press release WHO Regional Office for Africa / Press release UNICAL VC charges the staff with their dedication to work Rugby Africa / Press release Buhari attends education summit in London and has bilateral talks with Prime Minister Johnson Police debunk social media report of DPO arrest for kidnapping The Foundation trains women in reusable sanitary napkins Energy Capital & Power / Press release Sella’s Olympic boxing dream ends after 67 seconds Forum calls for synergy to end banditry and insurgency Former Pope Benedict criticizes German Catholics Kanu: Ex-governor. Chukwuemeka Ezeife in court Nigerian Consulate Showcases Rich Cultures and Festivals in New York