Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

Osinbajo says FG has spent N50 billion to position export oriented businesses

Chike Olisah by Chike Olisah
April 26, 2022
in Business
Ekiti has a friendly business environment but must act like a nation – Osinbajo
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Vice President, Professor Yemi Osinbajo, has revealed that the Federal Government had spent about N50 billion toward positioning export-oriented businesses in Nigeria.

This was made known by Osinbajo at a 2-day National Conference on Non-oil Export with the theme, ‘Export for Survival: Optimising Nigeria’s Non-oil Export Potential’, organised by the Nigerian Export Promotion Council (NEPC).

The conference had set out to provide a platform for stakeholders in the non-oil export sector to ventilate viewpoints on current and emerging issues affecting the sector.

RelatedPosts

FG, UK sign agreement to deport dangerous criminals back to Nigeria

FG to generate N23 billion in 30 years from concession of Onitsha port

What the Vice President is saying

Osinbajo said the Federal Government is determined to improve on the competitiveness of our businesses within what is poised to become one of the largest regional single markets in the world.

The vice president said, “This is why our Export Development Fund, under the NEPC, has committed N50 billion to help position export-oriented Nigerian businesses.

“This will enable them to play competitively within this growing regional market by providing access to capacity building programmes, as well as business grants.’’

He harped on the need to increase productivity to support Nigeria’s economic diversification drive and also the need to make the non-oil sector stronger.

He said, “In 2021, Nigeria’s non-oil revenue stood at N1.15 trillion, representing a growth of 4.73 per cent in the fourth quarter, and a contribution of about 92.51 per cent to the nation‘s overall Gross Domestic Product (GDP).

“In 2019, the year preceding the COVID-19 pandemic, non-oil revenue represented 92.68 per cent of our total GDP.

“The growth following that intervening year indicates the growing resilience of our non-oil export economy and our decreasing susceptibility to shocks in the global oil market.

“Beyond these numbers are human stories of bold visions and grit, persistent innovation and the unflagging spirit of Nigerians across the country, who are building model companies and businesses.’’

Government to enable businesses

Osinbajo demanded that regulatory bodies should act as facilitators of businesses rather than posing as impediments to them, noting that government’s job is to assiduously enable businesses with regulatory policies, procedures and processes that are continuously optimised for greater efficiency and ease the flow of business across sectors.

  • Going further, he said, “This must be coupled, urgently, with the supporting infrastructure needed to aid production, distribution, and export.
  • “The core mandate of our Presidential Enabling Business Environment Council (PEBEC) has recently found expression in the National Action Plan (NAP 7.0) on the Ease of Doing Business.
  • “It is programmed to consolidate on the removal of regulatory constraints around agro-exports, and drive the electronic filing of taxes and publication of insolvency regulations pursuant to the Companies and Allied Matters Act, 2020.
  • “The NAP 7.0 agro-export plan prioritises port and trade facilitation reforms to minimise cross-border trade and transport logistics for Nigerian companies with AfCFTA export compliance.
  • “These interventions are complemented by improved automation, including the National Single Window, which is in line with the Trade Facilitation Agreement of the World Trade Organisation.
  • “Reduction of cargo clearance time has also been facilitated through the installation of cargo scanners, supported by the Port Community Portal, which has been designed to foster inter-agency collaboration.’’

What you should know

  • The Federal Government has been introducing several measures and policies as well as incentives to help boost the volume of exports from the country as well as its processes as a key part of its diversification strategy and reduce the dependence on oil.
  • This will also help to boost Nigeria’s revenue base and help the country earn more foreign exchange.
  • PEBEC was set up in July 2016 by President Muhammadu Buhari, to remove bureaucratic constraints to doing business in Nigeria, and make the country a progressively easier place to start and grow a business.

Related

Tags: Export oriented businessesNEPCNigerian Export Promotion CouncilProfessor Yemi Osinbajo

Comments 1

  1. Joshua ALABI says:
    April 27, 2022 at 1:24 pm

    Our VP is a highly knowledgeable person, cute and articulate in presenting issue. However Nigeria’s problem defy all known economic and political laws. Rationality will not solve Nigeria current challenges. The mindset that created our problems cannot solve them. The old generation have caused problems and attempted to solve them but failed. Any person that participated in previous government and current government cannot solve Nigerias problem. They created it but cannot remove it.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Top content ideas for your YouTube channel
    • Panic in crypto market as Bitcoin posts worst monthly drop in more than a decade
    • How the Nigerian Economy has performed under each President

    Follow us on social media:

    Recent News

    YouTube hides dislike counts to protect creators

    Top content ideas for your YouTube channel

    July 1, 2022
    Bloodbath in Bitcoin

    Panic in crypto market as Bitcoin posts worst monthly drop in more than a decade

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com