Nigeria : Growth in non-oil sector reflects Nigeria’s resilience, says Osinbajo
- 28 April 2022 / News / 335 / Fares RAHAHLIA
Vice President Yemi Osinbajo has said that the non-oil sector growth recorded recently indicates the country’s growing resilience as well as decreasing susceptibility to shocks in the global oil market.
Prof Osinbajo stated this, yesterday, in his keynote remarks at a two-day National Conference on Non-Oil Export held in Abuja.
“In 2019, the year preceding the COVID-19 pandemic, non-oil revenue represented 92.68 per cent of our total gross domestic product (GDP). Beyond these numbers are human stories of bold visions and grit, persistent innovations and the unflagging spirit of Nigerians who are building model companies and businesses, hands deep in the plow,” Osinbajo said.
According to him, some of the country’s best success stories are in the technology sector, as six technology companies built in recent years have become Unicorn companies valued at over a billion dollars each.
Speaking on ‘Export for Survival’ Osinbajo said: “Our job as government is to assiduously enable businesses with regulatory policies, procedures and processes that are continuously optimised for greater efficiency and easing the flow of businesses across sectors.”
He stressed that the efforts of government must succeed within deliberate collaborative frameworks that allow seamless cooperation between private and public sector operators, government agencies and states.
The Minister of State for Industry, Trade and Investment, Mariam Katagum, said the gathering was expected to come up with robust recommendations for policy frameworks that would boost agriculture production, processing and export for increased wealth and job creation.
Katagum said the government has played a vital role in assisting the growth of micro, small and medium enterprises (MSMEs) in the last few years, adding: “First is the N75 billion MSME Survival Fund and the Guaranteed Off-take Schemes, which are both within the framework of the Nigerian Economic Sustainability Plan (NESP) approved by President Muhammadu Buhari in 2020. Others include the approval of an N50 billion Export Expansion Facility Programme (EEFP) as part of efforts to boost the non-oil exports.’’
She called on the organised private sector to deepen its partnership with the government for sustained growth of the economy.
The Executive Director, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, said the initiative for organising the conference could not have come at a better time than now considering the plethora of challenges bedeviling the non-oil sector.
Morocco.. The Executive Board of the International Monetary Fund approves a loan worth $1.3 billion from the Resilience and Sustainability Fund
- 29 September 2023
Yesterday, Thursday, the Executive Board of the International Monetary Fund approved a loan worth $1.3 billion to Morocco from the Resilience and Sustainability Fund.The International Financial Corpor...
Morocco : Al Haouz earthquake... All energy facilities are operating normally
- 29 September 2023
The Ministry of Energy Transition and Sustainable Development confirmed that all energy installations are operating normally, following the earthquake that struck Al Haouz Province and neighboring pro...
Morocco : Manufacturing industries: slight drop in producer prices in August
- 25 September 2023
The producer price index for the “Manufacturing industries excluding oil refining” sector fell by 0.1% in August compared to the previous month, according to the High Commission for Planning (HCP).Thi...
Senegal : Sénélec and Ecobank sign a 10 billion FCfa agreement to support SME suppliers to the Electricity Company
- 19 September 2023
SENELEC and ECOBANK signed, on September 18, 2023, an agreement aimed at supporting and financing SME suppliers to the national electricity company “with relatively limited financing needs”. An i...