By Uche Mbah
An 11-member steering committee for implementation of the N50 billion Export Expansion Facility Program, EEFP, was Thursday inaugurated by the Minister of Trade and Industry and Investment, Niyi Adebayo. The facility falls under the N2.3 trillion National Economic Sustainability Plan, NESP, a program targeting economic recovery from the impact of the coronavirus Pandemic.
It is meant as a cushion for job security and shock absorption from emergencies like Covid 19, while increasing export capacity in both long, medium and short term. It is targeted at micro, Small, Medium enterprenuers.
Incidentally, current increases in electricity tarrif and Value Added Taxes are stifling the activities of these entrepreneurs. Generally, it is the small scale industries that drive global economy.
“Export growth is at the centre of our strategy for diversifying Nigeria’s sources of foreign exchange and reducing the vulnerability of the economy to external shocks.
“We have witnessed time and again, the devastating impact that events outside our control can have on our livelihoods due to our reliance on a primary source of foreign exchange,” Adebayo said.
The committee is Chaired by by Adebayo, who said he will ensure program implementation in line with the federal government’s objectives towards the intended beneficiaries.
It is also expected to draw up and approve the programme budget and implementation plan.
