FG eyes infrastructure, non- oil export to drive economy

 

The Federal Government has recommitted on infrastructural development and growth of the non- oil sector by putting measures in place to further expand the sector for foreign exchange earnings.

Vice President, Senator Kashim Shettima lamented that the government cannot rely on revenue from crude oil anymore as the oil sector has brought more pains than gains to the economy, as he assures that the non-oil export is the way to go.

Shettima, who was represented by the Special Assistant on ease of doing Business, Office of the Vice President Dr. Jumoke Oduwole disclosed this at the Nigerian Export Promotion Council NEPC, 2nd National Conference on Non-oil Export with the theme, ” Building a Sustainable National Economy Through Non-oil Export” in Abuja, stating that Nigeria is facing numerous economic challenges of unemployment, poor standard of living and shortage of foreign exchange inflows among others.

According to him, “The recent steps such as the merger of the exchange rate regimen as well as foreign trips embarked upon by President Bola Ahmed Tinubu recently to shop for foreign investors practically explains the present administration’s desire to diversify the economy.

“The government is said it can no longer rely on crude oil revenues as experiences have shown that the volatility in the sector brought more pains than gains to the economy but expresses optimism that the non-oil exports earnings is the way to go”.

Speaking, the Minister, Industry, Trade and Investment , Dr. Doris Uzoka-Anite noted that for too long, Nigeria has operated a mono- economy, focusing on oil and gas to the detriment of other exportable commodities stressing that the nation’s diversification efforts are however, beginning to yield success.

The Executive Director Nigerian Export Promotion Council [NEPC] Dr. Ezra Yausak had earlier said that the council has successfully provided relevant certifications to 154 SME while 200 others are presently undergoing various certifications for HACCP, FDA,ISO 2000 and Hatal to enable them penetrate niche markets and maintain quality and standard of made in Nigerian products.

In order to encourage banks to adopt the use of Trade Finance instruments, the council organized a technical session for scheduled officers of all commercial banks in Nigeria, in line with first National Conference on Non-Oil export communiqué, backlogs of export expansion grants for 375 beneficiaries were cleared.