Vice President Kashim Shettima has said the federal government will support local manufacturers with N75 billion by March 2024 to strengthen the manufacturing sector.
Shettima said this while declaring open the second National Conference on non-oil export organised by the Nigerian Export Promotion Council (NEPC) on Wednesday in Abuja.
Represented by Dr Jumoke Oduwole, Special Adviser on Presidential Enabling Business Environment Council (PEBEC) and Investment, Shettima said N75 billion was earmarked to support 100,000 start-ups and Micro Small and Medium Enterprises (MSMEs) at single digit interest rates.
The two-day conference is with the theme, “Building a Sustainable National Economy Through Non-Oil Export.”
According to him, the federal government is also committed to providing necessary infrastructure that will support increased export of non-oil commodities.
“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.
While pledging support towards made-in-Nigeria products, he assured of federal government’s commitment to provide infrastructure that would facilitate export trade.
“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.
Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, expressed concern that Nigeria operated a mono-economy for long.
The minister, however, expressed joy that government’s diversification efforts were beginning to yield positive results.