In a promising move, Vice President Kashim Shettima unveils plans for a N75 billion loan set to empower 100,000 startups and MSMEs with favorable interest rates. This initiative aims to fortify the real sector and amplify non-oil exports, signaling a pivotal shift away from over-dependence on oil revenue.
Shettima, represented by Jumoke Oduwole, Presidential Adviser on Enabling Business Environment Council and Investment, affirmed the government’s dedication to bolstering non-oil exports. He emphasized the need to prioritize and expand opportunities in this sector, especially with the advent of the African Continental Free Trade Area (AfCFTA).
The Vice President assured unwavering support for locally-made products and underscored plans to enhance infrastructure crucial for facilitating export trade. This forward-looking approach aligns with the government’s commitment to diversification and economic growth.
Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, celebrated the notable progress in diversification efforts. She disclosed that Nigerian non-oil exports surged by nearly 40 percent in 2022, reaching $4.820 billion. Highlighting the shift towards semi-processed and manufactured goods, she emphasized the strategic importance of focusing on value-added products to spur business and employment.
Ezra Yakusak, Chief Executive Officer of NEPC, underscored the council’s substantial contributions to strengthening the non-oil sector, reflecting a concerted effort to reshape and fortify Nigeria’s economic landscape.