FG raises panel on N50bn Export Expansion Facility

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, yesterday inaugurated a steering committee for the implementation of the Export Expansion Facility (EEF) to boost non-oil exports.

Adebayo at the virtual inauguration of the committee, warned that the economy would remain vulnerable to external shocks with attendant effects of devaluation, inflation and unemployment, if the country did not grow its non-oil exports.

The minister in a statement by his Special Assistant on Media, Ifedayo Sayo, said export growth was at the centre of the strategy for diversifying Nigeria’s sources of foreign exchange.

According to him, it would reduce the vulnerability of the economy to external shocks.

“We have witnessed the devastating impact 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 will remain 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,” he said.

He noted that the EEF was aimed at protecting export businesses from the effects of the COVID-19 pandemic, safeguarding jobs and de-risking the economy from shocks like COVID-19.

According to him, its primary goal was to increase Nigeria’s export capacity in the near term and its export volumes in the medium term.

The minister added that it represented a huge financial commitment from the government and demonstrated President Muhammadu Buhari’s commitment to export diversification.

He listed the duties of the steering committee to include ensuring timely implementation of the programme in line with the Federal Government’s objectives and for the benefit of its intended beneficiaries.

According to him, it also includes approval of the Programme Implementation Plan and Budget in accordance with agreed priorities and approval of implementation strategy of EEF’s projects and target beneficiaries for each project, where applicable.

He added that the committee would ensure approval of disbursements to beneficiaries, vendors and implementation partners and review of the periodic performance reports and resolve implementation challenges.

Members of the committee headed by Adebayo as Chairman, include former Managing Director, Fidelity Bank, Mr. Nnamdi Okonkwo, as the Vice Chairman; Executive Director, Nigeria Export Promotion Council, Mr. Olusegun Awolowo.

Others include President, Manufacturers Association of Nigeria (MAN), Mr. Mansur Ahmed; Director, Commodities and Export Department of the ministry, Mr. Suleiman Audu, and Founder/Chief Executive Officer, Aisston Consulting, Mrs. Suratu Umar, among others.