FG Set to Boost Local Production For Forex Earnings

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In order to drive foreign exchange earnings and boost revenue, the Federal Government is bent on Zero rejection of made in Nigeria products at the global market.

Speaking at the launch of Export4Survival campaign held by the Nigerian Export Promotion Council(NEPC) in Abuja, the Minister of Industry, Trade and Investment, Niyi Adebayo, said practitioners in the non-oil export value chain should endeavour to stick to global best practices for their products to receive acceptability with zero export rejection.

He stressed that Nigerian products must be competitive enough in the international market to drive foreign exchange earnings and provide a boost against externalities.

“It cannot therefore be overemphasised that the success of the Export4Survival campaign needs the buy-in of all players in the non-oil export space,” he said.

According to him, there was no gainsaying the fact that with the Export4Survival campaign, significant mileage will definitely be achieved in both volume and value of exported Nigerian products and services.

He said the official launch of the campaign was an official endorsement of the initiative to stimulate the consciousness of all Nigerians to the realities that diversification of the productive base of the economy was key to employment generation, wealth creation and poverty reduction in the country.

His words: “The Export4Survival campaign should therefore be embraced by Stakeholders, the Business Community, Micro, Small and Medium Enterprises (MSMEs), Trade Associations, the Organized Private Sector (OPS) etc, as a brand that will be a game changer in the socio-economic space of our national development.”

Nigeria is predominantly an import-dependent economy, where 60-70 per cent of the government revenue comes from crude oil and about 80-90 per cent of foreign exchange earnings.

The NEPC Chief Executive Officer, Ezra Yakusak, said the NEPC’s vision was to make the world a marketplace for Nigerian non-oil products to rejuvenate the already fragile economy of the country.

 

 

 

 

 

 

 

 

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