By Charles Nwaoguji and Merit Ibe
The Federal Government has said it is working assiduously to boost the country’s non-oil revenues having rolled out export policies for 22 major products that could generate up to US$30 billion annually in foreign exchange.
President Muhammadu Buhari, who disclosed this at the 2020 edition of the Lagos International Trade Fair which opened at the weekend in Lagos, noted that to boost the country’s trading activities and prospects, Nigerians must support locally manufactured goods.
“It is in this regard that the government signed Executive Order 003 in 2017 and launched several campaigns to create necessary awareness and momentum.
“As you will agree with me, this will, among other things, enable us create employment for our large and growing population, diversify the economy from a relatively narrow base, build industrial capacity and trade competitiveness.”
Buhari, who was represented by the Minister for Industry, Trade and Investment, Mr Niyi Adebayo, said the challenges posed by the COVID-19 pandemic had made it imperative to accelerate the growth of the industrial sector.
He said: “We are currently revamping the NIRP with a focus on driving backward integration and increasingly domesticating production of key products, especially sugar, dairy, palm oil, cotton, textiles and garments, automobiles and cassava starch.
“We are also working to concession two Brownfield Special Economic Zones (Kano and Calabar) while commencing work on developing four additional Greenfield sites across the country.”
According to him, the government is also facilitating trade and maximising the benefits of international trade through multilateral trade relations with other countries.
The president said his government would improve the management of Nigeria’s foreign exchange reserves to alleviate the economy’s vulnerability to changes in crude oil prices.
“Once again, I want to use this medium to call for collaboration from various government agencies in this regard.
“These accomplishments I have mentioned are a testament to the fact that all hands are on deck in establishing a solid foundation for even greater successes in future.
“Our government is committed to continuing to forge ahead in the quest of making Nigeria realise its social and economic potential.
Also speaking at the occasion, Lagos State Governor, Mr Babajidr Sanwo-Olu, represented by the Deputy Governor, Dr Obafemi Hamzat, said the fair provides unique opportunity for traders, investors and buyers from different parts of the globe to interact.
Sanwo-Olu said the government was aligning with LCCI on its advocacy for the enthronement of policy consistency through alignment of fiscal and monetary policies.
This, he said, is to effectively address the myriad of bottlenecks impeding industrialisation, trade and investment in the country.
