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Nigeria’s N50bn export expansion facility programme gains steam – Awolowo

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Mr-Segun Awolowo
Mr-Segun Awolowo
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Nigeria is poised to boost its non-oil exports leveraging the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (TPOs) Network.

The network, which was recently inaugurated, is geared towards increasing the volume of trade within the region.

Mr Segun Awolowo, the Executive Director of the Nigerian Export Promotion Council, NEPC, is also the inaugural President of the ECOWAS TPOs.

The NEPC has started repositioning the nation’s export through the implementation of its N50 billion Export Expansion Facility Programme (EEFP).

The EEFP is a part of the Economic Sustainability Plan (ESP) whose development and implementation is being led by Vice President Yemi Osinbajo.

EEFP is expected to significantly raise the volume of non-oil exports in Nigeria, and it is a spin-off of the Zero Oil Plan developed by NEPC and approved by the President Muhammadu Buhari.

Besides providing financial support for the average Nigerian exporter, the EEFP will engender the establishment of top-notch warehouses in the country, close to airports where Nigerian goods meant for export would be packaged to global competitive standards ahead of their exportation.

The EEFP, in line with the ESP, is focused on cushioning the effects of the COVID-19 pandemic on the non-oil export sector, thereby safeguarding jobs and creating new ones.

Earlier in March, the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, inaugurated the EEFP and the first online Grant Management Portal (GMP) for non-oil exports.

While the EEFP is being implemented by the NEPC, the Federal Ministry of Industry, Trade and Investment is the supervisory body over the agency and its operations.

The programme anticipated 500 beneficiaries since the inauguration but it has received more than 3,500 applications for the grant, out of which more than 2,000 were verified after meeting the eligibility criteria.

Federal Government officials say further details and plans on disbursement to final successful beneficiaries are being awaited.

More so, Adebayo said that aside being an intervention to save and create jobs, the programme would support resilience in shoring up foreign exchange, diversification, modernisation of Nigeria’s economy and acceleration of economic growth and economic support.

Under the EEPF, there are 16 programmes as approved in the Implementation Work plan under seven work streams.

The work streams are Capacity Building, Emergency Interventions, Export Aggregation, Export Inclusion, Export Trade facilitation, Institutional Strengthening and Market Development.

The Emergency Intervention is to support existing exporters in responding to shocks caused by COVID-19, while Market Development involves penetrating identified export markets as value chain analysis for priority products, leveraging Africa Growth and Opportunities Act (AGOA) and other trade treaties.

Considering the significant role it plays in growing the Nigerian economy, Micro, Small and Medium Enterprises (MSMEs) sector is the target group of support from the EEFP and the Export Development Fund (EDF).

At the recent inauguration of the TPO Network, Osinbajo said that there was need to expand intra-regional trade in the ECOWAS sub-region, with the opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement.

On his part, Awolowo had said that the network would work towards facilitating the ease of trade for MSMEs within the ECOWAS region and Africa in general. (NAN)

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Business & Economy

FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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Business & Economy

Okonjo-Iweala Hails Tinubu’s Reforms, Urges Focus on Growth and Hardship Relief

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President Bola Ahmed Tinubu and WTO DG, Dr. Ngozi Okonjo-Iweala,
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Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic reforms as steps in the right direction, while urging the administration to now prioritise economic growth and measures to ease hardship for Nigerians.

Speaking to journalists after a meeting with the President in Abuja on Thursday, Okonjo-Iweala commended the government’s efforts to stabilise the economy, describing stability as the necessary foundation for long-term progress.

“We think the President and his team have worked hard to stabilise the economy. You cannot really improve an economy unless it is stable. So he has to be given the credit for the stability of the economy,” she said.

While acknowledging the positive impact of ongoing reforms, she stressed that stability alone was insufficient.

“The reforms have been in the right direction. What is needed next is growth. We now need to grow the economy and put in place social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship,” she noted.

Okonjo-Iweala said discussions with the President focused on balancing structural reforms with relief measures for vulnerable citizens, as well as strategies for job creation and boosting disposable income.

“The next step is: how do we build social safety nets to help Nigerians cushion the hardship they are feeling, and then how do we grow the economy so we can put out more jobs and more money in people’s pockets?” she asked.

The WTO chief emphasised that without job creation and increased incomes, the benefits of reform would not fully reach ordinary Nigerians.

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Dangote Refinery Fires Back at Shutdown Rumours, Flaunts 40m-Litre Petrol Output

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Aliko Dangote
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The management of Dangote Petroleum Refinery has moved to quash speculation about an operational shutdown, insisting that the multibillion-dollar facility remains in full swing.

In a statement on Friday, the refinery dismissed reports of fuel shortages as “baseless” and “misleading,” declaring that it continues to churn out over 40 million litres of petrol and 15 million litres of diesel every single day.

Far from winding down, operations at the giant plant in Lagos are, according to the company, running at full capacity with truck loading activities in constant motion. The sale of Residual Catalytic Oil (RCO) in recent days, it explained, is a normal part of refining operations—not an indication of trouble.

Throwing down the gauntlet to sceptics, the refinery invited fuel marketers to place orders for its daily production for the next 90 days, saying the offer underscored both its transparency and its determination to safeguard Nigeria’s energy security.

The company also used the opportunity to reaffirm its stance against the importation of substandard petroleum products, vowing to maintain quality and reliability in the domestic market.

 

 

 

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