Manufacturers advocate special export fund
By Blessing Oyakhire
Private sector operators have called on the Federal Government to create a special intervention fund for exporting companies to drive the non-oil export imperative of the government and also boost the economy.
Chairman of Apapa branch of the Manufacturers Association of Nigeria, Mr. Babatunde Odunayo, made the call at the association’s 2017 CEOs’ Business Luncheon with the theme The Prospects for Manufacturing in the Economic Recovery Window Opening up for Nigeria, in Lagos.
He emphasised the need for government to promote technological innovation and adoption as well as linkages between research institutions and the private sector through appropriate funding.
Speaking on Export Opportunities for Manufacturers in Nigeria, the Executive Director, Nigeria Export Promotion Council, NEPC, Mr. Segun Awolowo, represented by Mr. Babatunde Faleke, Regional Coordinator, South-West, Export Development, NEPC, said it is time investors shifted attention from exporting of raw materials to value-added products.
He said the country can do without oil, noting that non-oil commodities generate a about $5 billion in foreign exchange for the country and is projected to grow to 18 billion in 2019 and upward of 30 by 2025.
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