THE Nigerian Export Promotion Council (NEPC) has approached the Nigerian capital market with a view to attracting Foreign Direct Investment (FDI) to the nation’s manufacturing sector.
Mr Olusegun Awolowo, Chief Executive Officer of NEPC, during his visit to the Nigerian Stock Exchange (NSE) to present the Zero Oil Plan Proposal and to sound the Closing Gong on Monday, said the present administration, in its Economic Recovery and Growth Plan (ERGP), emphasised diversification, thus the need to earn revenue from other sources aside from oil sector.
He explained that the country needs to generate more foreign exchange in the face of decline in revenue from oil sector, noting that agriculture is the solution to getting more earnings into the country.
He therefore noted that to drive exports, the capital market is key in attracting Foreign Direct Investment to the manufacturing sector
“The idea is to move business into export and we need the capital market to drive this kind of investment. Foreign Direct Investment (FDI) that has come to Nigeria has been only in the financial sector, oil and gas sector. Now we are calling for FDI and of course local investment in manufacturing and industry sector,” he said.
He noted that the Federal Government is getting the environment ready with ease of doing business, while appealing to the capital market that the country is ready to revive export.