The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has said that if the country do not grow its non-oil exports, the economy would remained vulnerable to external shocks with attendant ripple effects of devaluation, inflation and unemployment.
Adebayo noted this on Thursday during the inauguration of steering committee for the implementation of the Export Expansion Facility (EEF) in Abuja.
He said, “Export growth is at the centre of our strategy for diversifying Nigeria’s sources of foreign exchange and reducing the vulnerability of the economy to external shocks.
“We have witnessed time and again, 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 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.”
The Minister in a statement by his Special Assistant on Media, Ifedayo Sayo, noted that the EEF aimed at protecting export businesses from the effects of the COVID-19 pandemic, safeguarding jobs and de-risk the economy from shocks like COVID.
According to him, “Its primary goal is to increase Nigeria’s export capacity in the near term and its export volumes in the medium term.”
He listed the duties of the steering committee to include: Ensure the Program is implemented in line with the Federal Government’s objectives and for the benefit of its intended beneficiaries.
Others are Approvement the Program Implementation Plan and Budget and ensure the Program is implemented on time, on budget and in accordance with agreed priorities.
“Approve the implementation strategy of the EEF’s projects and the target beneficiaries for each project, where applicable , Approve disbursements to beneficiaries, vendors and implementation partners and Review the periodic performance reports and resolve implementation challenges.
