NEWS

FG To Support Local Manufacturers With N75bn

Vice President Kashim Shettima has announced that the federal government intends to bolster the manufacturing sector by providing N75 billion in support to local manufacturers by March 2024.

This announcement was made during the opening of the second National Conference on non-oil export, organized by the Nigerian Export Promotion Council (NEPC) in Abuja on Wednesday.

Dr. Jumoke Oduwole, who represented Shettima at the event, revealed that the N75 billion has been allocated to aid 100,000 startups and Micro Small and Medium Enterprises (MSMEs) at favorable single-digit interest rates. Furthermore, Shettima emphasized the government’s commitment to facilitating essential infrastructure for the increased export of non-oil products.

“There can never be a better time to envision a conference of this nature than now; a time to reflect on non-oil export.

“Over the years, the nation’s major source had been 80 per cent dependent on oil revenue.

“It is clear that as a nation, we can’t afford to work on this uncharted path.

“Today, we find ourselves in protracted situation and challenges. All indications point to the fact that we have to prioritise our non-oil export.

“And this administration will give every support to boost non-oil export,” he said.

Expressing his support for products made in Nigeria, he also guaranteed the federal government’s dedication to furnishing the necessary infrastructure to enhance export commerce.

“We will prioritise capacity building for MSMEs, we will invest in human capital development.

“We need to work diligently to utilise opportunity provided by African Continental Free Trade Area (AfCFTA) by deepening our existing values and expanding our forex earnings,” he said.

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