We ‘ll Make Nigerian Businesses Globally Competitive With Export Development Fund—Osinbajo

The N50bn Export Development Fund being implemented by the Nigerian Export Promotion Council will facilitate the growth of Nigerian export business to compete favourably in the international market.

Vice President Yemi Osibanjo said this on Tuesday in Abuja at a National conference on non-oil export.

He reaffirmed government’s commitment in diversifying the Nigerian economy through programmes that will boost the non-oil sector of the Nigerian economy.

Osinbajo said the need to boost the country’s economy was what necessitated the setting up of the Export Development Fund to help position export-oriented Nigerian businesses to operate competitively within this growing regional markets.

He said, “We are determined to accelerate our efforts through holistic stakeholder input and this is why this conference is of immense value.

“The robust multi-sectoral representation underlies your well-considered appraisal of the wide spectrum of our no-oil sector value chain”

The Vice President explained that the challenges facing the nation’s non-oil export should be viewed in the trajectory of the last eight years.

According to him, in 2021 Nigeria’s non-oil revenue stood at N1.15trn, representing a growth of 4.73 per cent in the fourth quarter, and a contribution of about 92.51 per cent to the nation ‘s overall Gross Domestic Product.

He added, “In 2019, the year preceding the Covid-19 pandemic, non-oil revenue represented 92.68 per cent of our total GDP.

“The growth following that intervening year indicates the growing resilience of our non-oil export economy and our decreasing susceptibility to shocks in the global oil market.

“Beyond these numbers are human stories of bold visions and grit, persistent innovation and the unflagging spirit of Nigerians across the country, who are building model companies and businesses, hands deep in the plow.

“Some of our best stories are in the tech sector. In the last seven years six tech companies have become Unicorns companies valued at over a billion dollars each, and all this between two recessions.

“So, our job as government is to assiduously enable businesses with regulatory policies, procedures and processes that are continuously optimized for greater efficiency and easing the flow of business across sectors.

“This must be coupled, urgently, with the supporting infrastructure needed to aid production, distribution, and export. Again, we are on our way.”

Osibanjo commended the NEPC for hosting the conference which he believed would bring practical expansion to the export sector.

“We trust that your deliberations and vigorous exchange of ideas will yield practical and far-reaching recommendations, which we believe will further reinvigorate the non-oil sector and the economy at large,” he stated.

The Executive Director of NEPC, Dr. Ezra Yakusak in his speech at the event said the greater concern of the Council was the Nigerian non-oil export performance.

“It is also a wake-up call for massive investment and a campaign to leverage our vast potentials and increased opportunities in the sector.
“This is a sure way to sustainable economic growth and prosperity. We at the NEPC believe firmly that our survival as a nation depends on non-oil export” he stated.