• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

FG to support local manufacturers with N75bn in 2024

Manufacturers

The Matters Press by The Matters Press
October 4, 2023
Reading Time: 3 mins read
0
3,000 manufacturers to attend global fair on industrial solution in Lagos

Abuja, Oct. 4, 2023: President Kashim Shettima says the Federal Government will support local manufacturers with N75 billion by March 2024 to strengthen the manufacturing sector.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Shettima said this while declaring open the second National Conference on non-oil export organised by the Nigerian Export Promotion Council (NEPC) on Wednesday in Abuja.

Represented by Dr Jumoke Oduwole, Special Adviser on Presidential Enabling Business Environment Council (PEBEC) and Investment, Shettima said that another N75 billion was earmarked to support 100,000 start-ups and Micro Small and Medium Enterprises (MSMEs) at single digital interest rates.

The two-day conference is with the theme, “Building a Sustainable National Economy Through Non-Oil Export”.

ccording to him, the Federal Government is also committed to providing necessary infrastructure that will support increased export of non-oil commodities.

“There can never be a better time to envision a conference of this nature than now; a time to reflect on non-oil export.

“Over the years, the nation’s major source had been 80 per cent dependent on oil revenue.

“It is clear that as a nation, we can’t afford to work on this uncharted path.

“Today, we find ourselves in protracted situation and challenges. All indications point to the fact that we have to prioritise our non-oil export.

“And this administration will give every support to boost non-oil export,” he said.

While pledging support towards made-in-Nigeria products, he assured of Federal Governments commitment to provide infrastructure that would facilitate export trade.

“We will prioritise capacity building for MSMEs, we will invest in human capital development.

“We need to work diligently to utilise opportunity provided by African Continental Free Trade Area (AfCFTA) by deepening our existing values and expanding our forex earnings,” he said.

Earlier, the Minister of Industry, Trade and Investment Dr Doris Uzoka-Anite expressed concern that Nigeria operated a mono-economy for long.

The minister however expressed joy that government’s diversification efforts were beginning to yield positive results.

“Nigerian non-oil exports grew by almost 40 per cent in 2022, reaching 4.820 billion dollars.

“Semi-processed and manufactured products accounted for almost 37 per cent of these exports, surpassing agriculture’s 30 per cent.

“This is a big step in the right direction. We no longer have the luxury of business as usual when it comes to the business of making sure Nigeria succeeds.
“We can no longer afford to export raw materials cheaply and import finished products at premium prices.

“That train has stopped and will not be starting again.

Our focus for exports is locally manufactured value added products that create both business and employment,” She said.

Dr Ezra Yakusak, the Chief Executive Officer of NEPC said that the Council has significantly increased contribution of the non-oil sector to the Nigerian economy.

According to him, for first time, the non-oil export performance grew by 39.91 per cent in 2022 to 4.820 billion with about 214 different products exported ranging from manufactured, semi-processed, solid minerals to raw agricultural products.

He said that Nigerian products were exported to 122 countries.

Yakusak appealed to the Federal Government to address the strange disease afflicting ginger farm in Kaduna state.

“I will not do justice to this address if I do not present the challenges being faced by farmers and exporters of ginger in Nigeria.

“It is a known fact that Nigeria’s ginger has been adjudged as the best in the world due its unique aroma, pungency and high oleorosin content.

“This makes Nigeria one of the largest exporters of ginger in the world. However, the Council received several complaints of the outbreak of a strange disease ravaging ginger farms in Kaduna State.

“So far, about 2,503.9 hectares of farmland have been affected with an estimated loss of over eight billion Naira.

“Apart from the huge financial and economic loss, the disease is affecting the income and livelihood of ginger farmers who are mostly MSMEs.

“With the outbreak of the disease, Nigeria’s non-oil export performance may experience a steep decline, except the issue is adequately addressed.
“May I stress that this is not the time for us to accommodate any minute disruption in our foreign exchange inflow.

“With the current state of the Naira, every single source of foreign exchange must be carefully and jealously protected.

“It is in this direction that I call on the Federal Government to declare the ginger fungi infestation as a crop pandemic and fight it with the same viciousness our nation fought covid-19 pandemic,” the NEPC boss said.

Tags: Manufacturers
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
3,000 manufacturers to attend global fair on industrial solution in Lagos

Don seeks reforms to improve manufacturing sector

3,000 manufacturers to attend global fair on industrial solution in Lagos

Nigeria supports local manufacturers with N75bn in 2024

Recommended Stories

Coronavirus hits hard as China records 811 deaths

China`s market registers higher trading volume in March

April 6, 2023
Chevron, NNPC secure $1.4bn for drilling project

Nigeria’s new status as Africa’s top oil, gas investment hub, credit to Tinubu’s policies

January 26, 2025
NPA tasks arbitrators on speedy dispute resolution

Reps to probe Illegal auctioning of property by NPA, NIMASA, others

July 6, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us