FG will support a $420 billion economy with non-oil exports
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Trade and Investment Minister Otunba Niyi Adebayo said Nigeria should support non-oil exports to boost the economy with an estimated $420 billion.
Adebayo made the call at the Manufacturers Association of Nigeria Export Group Annual General Meeting, held in Lagos on Thursday.
According to him, in light of current economic realities, the diversification of the Nigerian economy had become a national imperative.
He underscored the need for Nigeria to go beyond oil and commodity export and build a vibrant manufacturing sector capable of exporting finished products that could increase country's foreign exchange earnings.
He said: "As a nation, now is the time to build a competitive manufacturing sector to see us through the next 50 years, especially in light of the Free Trade Area. African continent - one of the most important and strategic
international economic agreements never enacted.
“As Africa's largest economy, Nigeria's contribution to the AfCFTA is critical to its success. I am happy with the aggressiveness with which MANEG took up the challenge of
making the AfCFTA work for Nigeria through the development of Nexportrade. MANEG's creation of a secure platform that helps boost business relationships with African nations and the launch of the showroom in Lomé is truly an innovative step in the right direction. Congratulations to everyone involved."
For his part, the President of the Manufacturers Association of Nigeria, Ahmed Mansur, who was represented by the Association's Managing Director, Segun Ajayi-Kadir, called for an immediate reorientation of Federal Government policy to remove the many barriers faced by manufacturers, especially exporters.
Chairman of the Manufacturers Association of Nigeria Export Promotion Group, Ede Dafinone, noted that since the pandemic, exporters have struggled with declining international demand, coupled with national economic challenges such as high and rising exchange rates, high cost of energy, multiple levies and taxes, port congestion, endless Apapa traffic jam, infrastructure deficiencies and smuggling, leading to incalculable strains on operations manufacturing.
The AGM also featured a presentation by an associate professor at Panatlantic University, Olalekan Aworinde.
Please share this story:
Please share this story:
Trade and Investment Minister Otunba Niyi Adebayo said Nigeria should support non-oil exports to boost the economy with an estimated $420 billion.
Adebayo made the call at the Manufacturers Association of Nigeria Export Group Annual General Meeting, held in Lagos on Thursday.
According to him, in light of current economic realities, the diversification of the Nigerian economy had become a national imperative.
He underscored the need for Nigeria to go beyond oil and commodity export and build a vibrant manufacturing sector capable of exporting finished products that could increase country's foreign exchange earnings.
He said: "As a nation, now is the time to build a competitive manufacturing sector to see us through the next 50 years, especially in light of the Free Trade Area. African continent - one of the most important and strategic
international economic agreements never enacted.
“As Africa's largest economy, Nigeria's contribution to the AfCFTA is critical to its success. I am happy with the aggressiveness with which MANEG took up the challenge of
making the AfCFTA work for Nigeria through the development of Nexportrade. MANEG's creation of a secure platform that helps boost business relationships with African nations and the launch of the showroom in Lomé is truly an innovative step in the right direction. Congratulations to everyone involved."
For his part, the President of the Manufacturers Association of Nigeria, Ahmed Mansur, who was represented by the Association's Managing Director, Segun Ajayi-Kadir, called for an immediate reorientation of Federal Government policy to remove the many barriers faced by manufacturers, especially exporters.
Chairman of the Manufacturers Association of Nigeria Export Promotion Group, Ede Dafinone, noted that since the pandemic, exporters have struggled with declining international demand, coupled with national economic challenges such as high and rising exchange rates, high cost of energy, multiple levies and taxes, port congestion, endless Apapa traffic jam, infrastructure deficiencies and smuggling, leading to incalculable strains on operations manufacturing.
The AGM also featured a presentation by an associate professor at Panatlantic University, Olalekan Aworinde.
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