The executive director and chief executive of Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, has announced a N500 million grant towards promoting the country’s fashion industry.
This, he said, is part of efforts to reduce Nigeria’s reliance on oil. Delivering his keynote address at the Fashion Business Series of the 2021 Lagos Fashion Week, Awolowo said that the NEPC is working towards the zero oil plan of the country.
“At the Nigerian Export Promotion Council (NEPC) everything we do is inspired by the zero oil plan.
“The zero oil plan has one major mandate, which is that: Nigeria can and must survive in a world in which she no longer sells oil. As a result, at NEPC we constantly identify goods and services for which Nigeria has comparative advantage, potential for value addition and job creation, particularly for our women and youth.
“It is therefore no surprise we value the textile and apparel sector as a viable contributor to the economy and mainstay of the council’s zero oil plan for diversifying the Nigerian economy,” he stated.
He noted that the NEPC under the Export Expansion Facility Programme (EEFP) umbrella has set aside a N500 million grant to support the fashion industry.
Designed under the Nigerian Economic Sustainability Plan to ease the impact of COVID 19 on Nigerian businesses, the (EEFP) aims to play a pivotal role in implementing interventions that address capacity gaps, promote export inclusion, market access, and minimize logistical, payments and export trade facilitation challenges.
The N500 million grant will be directly awarded by NEPC to 30 fashion brands that have been consistent with solidifying their retail footprint in key cities and digital destinations across the world, with the aim of increasing access to global market opportunities.