Non-Oil Export To Be Increased By 20% In 3yearsThe Federal Government will increase the contribution of non-oil export to the country’s Gross Domestic Product from the current 4.5 cent to 20 per cent in three years.
Olusegun Aganga, Minister of Trade and Investment, stated this during a stakeholders’ meeting with top exporters of non-oil products in Abuja.
The objective of the meeting was to identify problems militating against the effective implementation of the Export Expansion Grant Scheme and chart the way forward for its effective implementation.
However, Aganga said the Ministry of Trade and Investment was ready to work with all exporters to ensure transparency and accountability in the payment of export incentives, adding that the ministry was committed to successfully driving the implementation of the nation’s economic diversification policies and programmes by increasing the contribution of non-oil export to GDP.
He said, “The development of the non-oil export sector is one of the key areas of President Goodluck Ebele Jonathan’s Transformation Agenda aimed at diversifying our economy. And to be able to achieve this, it will not be business as usual. We have to put in place a robust, transparent and efficient export promotion structure such as the EEG in order to boost our non-oil export drive and significantly increase the contribution of the sector to GDP.
“Our target is to increase the contribution of the non-oil export to our GDP to about 20 per within the next three years. Part of our strategy towards achieving this is to review the operations and implementation of the EEG to make it more efficient and transparent by removing the barriers militating against the implementation of the policy.”