About N8.9 trillion has been invested in different sectors of the economy to enhance export development in the last five years.
Vice President Yemi Osinbajo disclosed this in Abuja on Tuesday while delivering a keynote address at the first national conference on non-oil export with the theme: “Export for Survival: Maximising Nigeria’s Non-oil Potential”, which was organised by the Nigerian Export Promotion Council (NEPC).
He said the federal government’s committed an initial seed capital of N1tr to the Infrastructure Corporation of Nigeria (InfraCorp) launched in 2021.
He said the provision of that fund was to mitigate the yawning $300 billion infrastructural deficit.
He said, “The commitment followed a N8.9tr investment on infrastructure in the last five years, covering rail, roads, power and broadband connectivity, all of which are sustained and accelerated despite the interruptions of the COVID-19 pandemic,”
According to the Vice president, the Russia-Ukraine war has negatively affected the supply chain, adding that Nigeria would have suffered if the government was not doing a lot in local production.
“Regulators should be facilitators of investment and not be like policemen to obstruct investment and growth especially in the non-oil sector which is why we came up with the MSME clinics.
“Government agencies are there to ensure success and assiduously enable business to optimize for greater efficiency and to aid production,” Osinbajo noted.
