By Valentine Amanze, Online Editor
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Hajiya Saratu Iya Aliyu, has commended the launching of the N50 billion Export Expansion Facility Program (EEFP) and Grant Management Portal designed for accessing the Export Development Fund (EDF), describing it as a welcome development.
She also the Nigerian government on the initiative and called for efficient functioning of the Digital Portal to enable prompt and efficient access of funds under the facilities.
Saratu, a member of the Ministerial Steering committee, was commenting on the launch of the EEFP, which was held recently under the supervision of Otunba Niyi Adebayo, the Minister of Industry, Trade and Investment and the Executive Director/CEO of the Nigeria Export Promotion Council (NEPC), Mr Olusegun Awolowo.
Saratu said that the launching of the Digital Management Portal was a practical positive step to ensure that MSMEs across the country, which were the back bones of the economy could access stimulus packages designed to save and create jobs, as concerted efforts continue to help those of them impacted by COVID-19 pandemic get back on their feet as envisioned under the Economic Sustainability Plan of 2020.
She pointed out that it was truly significant that this was the first time that the EDF was being funded since the creation of the NEPC Act; and described the development as worthy of note and commendable; “because this is a case of walking the talk by Government, in the quest to work with other stakeholders particularly the private sector operators to significantly expand non-oil export and the pursuit of the Zero Oil Plan.”
She said that effectively and efficiently pursued, the EDF facility would increase inflow of foreign exchange and expand the diversification of the economy.
The NACCIMA national president however advised MSMEs to take advantage of the facilities, which would be processed through the system which was launched.
She assured that NACCIMA members were being encouraged to tap into the opportunities under the facility and called on other stakeholders to be part of the initiative which were some of the strategic options to pilot Nigeria out of recession and improve on recent gain.
Meanwhile, NACCIMA has aligned with the National Bureau of Statistics (NBS) on the risising inflation in Nigeria.
NBS had last week raised the alarm that the nation’s inflation rate surged from 17.33 percent recorded in February to 18.17 percent in March as well as the rising cost of food. NACCIMA on several occasions had warned that the upward trajectory of inflation was what would happen if action was not taken to address underlining causes of the inflationary trends. Most significant in this regard is the issue of insecurity which is spreading across the country and its consequences on agricultural production especially by the small farm holders across the food belt of the nation; many of these farmers are either not able either to engage in active farming or evacuate their farm produce.