This, according to the Vice President, is intended to encourage and assist non-oil exports.
He counseled Nigerians to seize the chance provided by the AfCFTA.
The federal government would support local companies with N75 billion by March 2024, according to Vice President Kashim Shettima, in order to boost the manufacturing industry.
The vice president claims that the N75 billion will provide funding at rates below 10% for 100,000 start-ups and micro, small, and medium-sized enterprises (MSMEs). Accordingly, small enterprises would receive N750,000 at a 1% interest rate.
Therefore, 100,000 enterprises would receive N750,000 apiece at a single-digit interest rate, according to the FG.
Shettima reportedly said this on Wednesday in Abuja at the second national non-oil export conference hosted by the Nigerian Export Promotion Council (NEPC).
The theme of the conference is “Building a sustainable national economy through non-oil export.”
This comes after a previous revelation that the FG intended to provide market women access to N75 billion in interest-free loans.
Infrastructure needs to be provided
Shettima also stated that the essential infrastructure to facilitate expanded non-oil export would be supplied. She was represented by Jumoke Oduwole, special adviser on the presidential Enabling Business Environment Councilexports (PEBEC) and investment.
He claimed that there has never been a better opportunity to take non-oil exports into account than right now.
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He stated:
Over the years, oil revenue had been the country’s main source of income to an extent of 80%. These days, we face a number of difficult circumstances. All signs suggest that we have given our non-oil export top priority. The current administration will do everything possible to increase non-oil exports.
The federal government, according to Shettima, is committed to promoting goods created in Nigeria. He vowed that the administration will place a high premium on improving the capabilities of MSMEs. He continued by saying that investments in the development of human capital would receive major attention.
The vice president advised Nigerians to profit wisely from the opportunity provided by the African Continental Free Trade Area (AfCFTA) by boosting our existence’s value and raising foreign exchange earnings.
Doris Uzoka-Anite, the minister of industry, trade, and investment, raised concern about Nigeria’s protracted mono-product economy.
She claimed that in spite of these challenges, the government’s initiatives to encourage diversification were beginning to show promise.
She claims that in 2022, Nigeria’s non-oil economy will have grown by around 40% and will total $4.820 billion. She said that manufactured and semi-processed items represented about 37% of these exports, surpassing agriculture’s 30% proportion.
She uttered:
“This is a significant advancement. When it comes to the business of ensuring Nigeria’s success, we can no longer afford to operate as usual. We can no longer afford to import goods at high rates and export raw resources at low costs.
She asserted that the main focus of export should be on locally made, high-value products that support the local economy and create jobs.
