Business
AGOA: FG Moves To Boost Non-Oil Export
The Federal Government has re-affirmed its willingness to boost the country‘s non-oil export by leveraging the opportunities provided by the African Growth and Opportunity Act (AGOA).
AGOA is a trade instrument with tariff preferential initiated by the United States government. The objective is to enhance economic development of sub-Saharan African countries by promoting trade and investment between the US and sub-Saharan Africa.
The AGOA Act was signed into law by President Bill Clinton on May 18, 2004 and provides trade preference for quota and duty-free entry of 6,500 different goods into the US. It originally covered an eight-year period from October 2000 to September 2008 but amendments signed into law by President George Bush in July, 2004, further extended it to 2015.
The AGOA Co-ordinator and Deputy Director, Nigeria Export Promotion Council, Mr. Sidi-Aliyu Abdulahi, told The Tide source in Abuja, that the agency had concluded arrangements to sponsor 10 Nigerian companies to the 9th AGOA Forum holding in the United States.
He noted that the initiative was part of government‘s efforts aimed at building institutional linkages with the US export market especially in the area of agro-processing.
Abdulahi said, “Considering the anticipated economic proceeds and benefits from 2010 AGOA Forum holding in the United States of America this week, NEPC has pooled private sector companies that would deliver to the benefit of Nigerian trade.
“We are sponsoring 10 leading private sector companies in agro-allied business to see how Nigeria entrepreneurs can increase the country‘s foreign exchange earnings through export of agro-based products using the AGOA platform.”
“The companies will be exposed to new links, which will help them explore market-based opportunities that will increase growth of agri-business and expand production and trade output. Arrangements have been made for them to engage with US companies on how American Technology can be used to drive AGOA related agri-business exports.”
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