We Will Support More Businesses To Go Into Non-Oil Export- Trade Minister

The Minister of Industry Trade and Investment Doris Anite has said that the Federal Government will support more businesses to go into non-oil exports and earn more foreign exchange revenue for Nigeria.

Anite said this during the 2nd National Conference on non-oil exports in Abuja on Wednesday.

She said the development will help Nigeria resolve its current foreign exchange challenges by stimulating the economy and boosting entrepreneurship and employment opportunities.

Anite decried that the country has operated a mono-economy for a long period and had focussed on oil and gas to the detriment of other exportable commodities.

She said, ”We must do all we can to encourage more business owners to explore exports, even if it is in a small way As our economy is going through a hard time at the moment and the rising cost of fuel and everyday items is tasking.

“But increasing non-oil exports will help us come out on the other side, of this tough time, victorious.

“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.”

Revealing how the FG will support businesses to thrive in non-oil export trade, Anite highlighted the leveraging of e-commerce and unification of exchange rates.

“Through soft infrastructure, we are dismantling slower growth like the multiple exchange rate system, fuel subsidies and ramping up our ease of doing business program and by hard infrastructure being power and routes to market and ports.

“Also, e-commerce platforms, shopping apps, and other tech solutions have revolutionized the way we trade and made it easier for even micro-enterprises to consider cross-border trade.

“By leveraging modern platforms, businesses can sell their products globally without having to invest in expensive marketing campaigns or establish a physical presence in other countries.

“This will also allow businesses to receive payments from customers all over the world without having to worry about currency exchange rates or other barriers,” she added.

She explained that local manufacturers will be supported with N75bn by March 2024 to strengthen the manufacturing sector, while revealing that N75bn will be used to support up to 100,000 start-ups and medium Small, and Micro Enterprises (MSMEs) at single digital interest rates.