Fri, 8 Dec 2023

The Federal Government of Nigeria.

FG targets $150 billion from non-oil exports to foreign reserves in 10 years
By: Morolake Kolade
Thu, 14 Oct 2021   ||   Nigeria, Abuja

THURSDAY, 14th October, 2021: The Federal Government has stated that it has a target of adding at least $150 billion to the nation's foreign reserves cumulatively from non-oil exports over the next 10 years.
The Minister of State, Budget and National Planning, Prince Clem Agba disclosed this development on Tuesday in Abuja, at a press conference discussing the Nigerian Industrialisation Summit and Expo scheduled for next month.
According to him, the government has hopes to create about 500,000 additional export linked jobs annually through an increase in productive export activities.
Agba who was ably represented by Special Adviser, Sam Ekweme, added that the summit is one of the activities meant to create food security and diversify the Nigerian economy which he said aligns with the present administration’s drive on economic diversification, job creation and enhanced agro value chains with the ultimate objective of lifting 100 million Nigerians out of poverty in 10 years.
He said the Federal Government, in partnership with the African Development Bank (AfDB), is setting up Special Agro-Industrial Processing Zones (SAPZs) across the 36 states of the federation and the Federal Capital Territory to drive the industrialisation of the country.
The minister also said the SAPZs will not only promote industrialisation, but will also lift at least 10 million Nigerians out of poverty and empower each state and its people by integrating them into the export value chain.
In his words, "These initiatives would unlock the potential of each state in the development and promotion of at least one crop for export,” the minister said.
The minister assured that the government will continue to provide an enabling environment for businesses to thrive.
Similarly, Senior Special Adviser on Industrialisation, to the President of the African Development Bank (AfDB), Prof. Oyebanji Oyelaran-Oyeyinka added that there is no country that has made progress in the living standards of its people without industrialisation.
According to him, “Manufacturing, industrialisation is hard work. It is the process of industrialization that makes countries rich.”
He said that was the reason the AfDB is supporting the effort of the federal government because industrialisation of Africa is a major agenda of Dr. Akinwumi Adesina and his team at the AfDB.


Back to News