The federal government has concluded plans to support Micro, Small and Medium Enterprises (MSMEs) to tap into a $500 million (about N590 billion) fund for the African Growth and Opportunity Act (AGOA).
Daily Trust report that the act is a United States initiative that sought to increase African non-oil exports into the country.
Speaking during presentation of its report on the utilisation of AGOA in six-months, the Director Trade Department of the Federal Ministry of Trades, Industry and Investment, Suleiman Audu stated that it identified six focal products like; agro-products, cosmetics based on shea butter and coconut oil extracts, textile garments, processed food and beverages, leather and leather products, and art and craft that could be exported to the US.
He explained that “The products are covered under the AGOA eligibility products and are MSMEs inclusive. The sectors are supported by US Trade Facilitation Agencies as they have gained acceptability in the US market. They cut across the six geo-political zones and the required standards are easily attainable by MSMEs and are cost effective.”
The Minister of Trade, Industry and Investment, Otunba Niyi Adebayo stated that it is expected that the effective implementation of the report would create more employment opportunities, generate wealth and prosperity for the nation and through increased non-oil export.
He added the report would place Nigeria among the top-ranking beneficiary of the scheme before its expiry in two years.
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