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FG Constitutes Panel On N50bn Export Expansion Facility

Published

4 years ago

Jan 15, 2021.

FG establishes panel for implementation of Export Expansion
Minister enlists duties of the steering committee

Minister of Industry, Trade and Investment, Adeniyi Adebayo, on Thursday, inaugurated a steering committee for the implementation of the N50 billion Export Expansion Facility (EEF) to boost non-oil exports.

Speaking at the virtual inauguration of the committee, Adebayo warned that the economy would remain vulnerable to external shocks with attendant effects of devaluation, inflation and unemployment if the country did not grow its non-oil exports.

According to a statement by his Special Assistant on Media, Ifedayo Sayo, the minister said export growth was at the centre of the strategy for diversifying Nigeria’s sources of foreign exchange.

He noted that it would reduce 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,” Adebayo said.

“The coronavirus pandemic further amplified these vulnerabilities and reminded us that if we do not grow non-oil exports, our economy will remain 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.”

The minister stated that the EEF was aimed at protecting export businesses from the effects of the COVID-19 pandemic, safeguarding jobs and de-risking the economy from shocks like COVID-19.

He listed the duties of the steering committee to include ensuring timely implementation of the programme in line with the Federal Government’s objectives and for the benefit of its intended beneficiaries.

Adebayo added that the committee would ensure approval of disbursements to beneficiaries, vendors and implementation partners and review of the periodic performance reports and resolve implementation challenges.

Members of the committee headed by the minister as Chairman, include former Managing Director, Fidelity Bank, Mr. Nnamdi Okonkwo, as the Vice Chairman; Executive Director, Nigeria Export Promotion Council, Mr. Olusegun Awolowo.

Others include President, Manufacturers Association of Nigeria (MAN), Mr. Mansur Ahmed; Director, Commodities and Export Department of the ministry, Mr. Suleiman Audu, and Founder/Chief Executive Officer, Aisston Consulting, Mrs. Suratu Umar, among others.

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