N50bn EEF: FG seek growth of non-oil exports, inaugurates committee

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Thursday inaugurated steering committee for the implementation of the N50 billion Export Expansion Facility (EEF).

This is with a warning that if the country does not grow its non-oil exports, the economy would remain vulnerable to external shocks with attendant ripple effects of devaluation, inflation and unemployment.

The Minister in a statement by his Special Assistant on Media, Ifedayo Sayo noted that the EEF aimed at protecting export businesses from the effects of the COVID-19 pandemic, safeguarding jobs and de-risks the economy from shocks like COVID.

The Federal Government will spend an estimated N2.3 trillion to fund the National Economic Sustainability Plan, but the N50 billion EEF programme will focus on driving economic growth through exports.

The Minister stressed that the facility is targeted at providing support to exporters particularly Micro, Small and Medium Entrepreneurs (MSMEs).

According to him, “Export growth is at the centre of our strategy for diversifying Nigeria’s sources of foreign exchange and reducing the vulnerability of the economy to external shocks. We have witnessed time and again, the devastating impact that 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 remains 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 added that the primary goal of the programme is to increase Nigeria’s export capacity in the near term and it’s export volumes in the medium term.
Besides, it represented a huge financial commitment from the government and demonstrates President Buhari’s commitment to export diversification.

He listed the duties of the steering committee to include. “Ensure the Program is implemented in line with the Federal Government’s objectives and for the benefit of its intended beneficiaries.

Approve the Program Implementation Plan and Budget and ensure the Program is implemented on time, on budget and following agreed priorities. Approve the implementation strategy of the EEF’s projects and the target beneficiaries for each project, where applicable. Approve disbursements to beneficiaries, vendors and implementation partners. Review the periodic performance reports and resolve implementation challenges.”

The committee headed by the Minister as chairman included Mr Nnamdi Okonkwo; former MD, Fidelity Bank Plc as vice chairman, Executive Director/Chief Executive Officer; NEPC, Representative of the Chairman of NEC Committee on Exports, Engr. Mansur Ahmed; President, Manufacturers Association of Nigeria, and Mrs Suratu Umar; Founder/Chief Executive Officer, among many others.