Reps task NEPC, stakeholders on collaboration, expansion of exports activities
By Matthew Denis
The House of Representatives has tasked the management of the Nigerian Export Promotion Council (NEPC) and other key stakeholders on the need to redouble efforts toward improving non-oil revenues.
The Chairman, House Committee on Commerce, Hon. Ahmed Munir Lere gave the charge in his Goodwill message at the 2nd National Conference on Non-oil export held in Abuja on Wednesday.
Hon. Lere encouraged the council to work collaboratively with other agencies in enhancing exports activities in the country.
“When that happens, what do we do as a country of over 200 million people and counting? So we will be counting on NEPC to lead the charge in that direction,” he urged.
Earlier, the Vice President, Sen. Kassim Shettima during his speech said the exportation of goods and services is paramount to helping Nigeria resolve its current forex challenges, to stimulating the economy and also to boosting entrepreneurship and employment opportunities.
According to him, Non-Oil exports play a key role in many economic areas. For example, exporting agricultural products can help improve food security by increasing the standards and availability of food and generating income for farmers. Exporting manufactured goods can create jobs and boost economic growth. Exporting can also help improve security by promoting peace and stability through economic interdependence.
“For too long Nigeria has operated a mono-economy, focusing on oil and gas to the detriment of other exportable commodities. Nigeria’s diversification efforts are however beginning to yield success.
“Nigerian non-oil exports grew by almost 40 pecent in 2022, reaching $4.820 billion. Semi-processed and manufactured products accounted for almost 37% of these exports, surpassing agriculture’s 30 percent. This is a big step in the right direction. We no longer have the luxury of business as usual when it comes to the business of making sure Nigeria succeeds. We can no longer afford to export raw materials cheaply and import finished products at premium prices. That train has stopped and will not be starting again. Our focus for exports is locally manufactured value added products, that create both business and employment,” he said.
The VP who was represented revealed that to support local manufacturers the Federal Government intends to spend N75 billion by March 2024 to strengthen the manufacturing sector.
“We have also earmarked another fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates.
“These schemes are complemented by NEPC incentives like the Export Development Fund that aims to prepare and support new exporters wishing to penetrate global markets, by providing training, trade fair participation, financial, and logistics support.”
He noted that Nigeria is home to some of the most intelligent people in the world.
“Nigerian-Americans for example are one of the most successful immigrant communities, with a median household income well above the US average. Many young Nigerians see the success their contemporaries are achieving abroad and feel they need to travel to seek greener pastures or ‘japa’ as people now say. Our government understands that the best way to support local talent is to create channels for Nigerians to export not just products but services, skills and talent too.”
