Economy

FG receives NEC ad hoc Committee report on export promotion

The Federal Executive Council has received the Report of the National Economic Council (NEC) ad hoc Committee on Export Promotion.

The Committee was set up in September.

Ondo Governor, Rotimi Akeredolu addressed correspondents on this . He said, “the report dwelt extensively on an export promotion plan geared towards achieving governments’ policy on the zero oil plan.

“The Committee recommended, among other things, the establishment of a National Committee on Export Promotion, chaired at the Presidency level.

“It also recommended the setting up of a Technical Committee involving federal and states MDAs to help provide technical information and direction to the proposed Committee.

“The Ad-hoc Committee further recommended that Export procedures and documentation be streamlined with the identification of existing domestic investors and engagement plan for output expansion.

He said the Committee also recommended the establishment of more laboratories and testing centres to help improve quality and standard of export and the domestication of the Office of Technical Regulation (OTR) as recommended by UNIDO.

On market for Nigeria’s products, he said the Committee recommended the deepening of commercial diplomacy, one-stop shops for export and a National Export Portal to generate global orders to link suppliers to buyers

“On Value Chain Development, the Committee recommended the development of clusters along product value chain, market driven research and development and the provision of seeds and seedlings.

“The committee recommended the recapitalisation of NEXlM Bank, the provision of Export Development Fund in line with NEPC Act, a five-year financial window on export expansion grant and funding scheme for exporters similar to the CBN Anchor Borrowers programme.

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