Nigeria Targets $30 Billion In Non-Oil Export Earnings
So, the bulk of Nigeria’s exports which brings in tons of revenue in foreign exchange has been crude oil.
Non-oil exports account for an insignificant portion, but the government has set a plan in motion to improve on the non-oil export revenue.
The government agency in charge of exports, Nigeria Export Promotion Council, NEPC is targeting $30 billion in foreign exchange earnings with its zero-oil scheme.
The Chief Executive Officer, NEPC, Mr. Olusegun Awolowo, stated this in Lagos during the second National Committee on Export Promotion meeting.
Awolowo noted that the zero-oil plan was an export revolution that involved every state playing a significant role.
“The zero-oil plan is aimed at earning at least $30 billion from non-oil sources in the near to medium term as against the current earnings of about $5 billion,” he said.
The NEPC boss pointed out that major oil producing nations were planning their economy beyond oil export, and Nigeria must not be left behind.
Also speaking at the function, Lagos State Governor, Akinwunmi Ambode, commended the Federal Government for establishing the zero-oil policy, adding that it would boost the nation’s balance of trade.
The governor called for subsidy on other commodities to reduce the cost of food for Nigerians, adding that this was possible since rice subsidy had been successful.
Ambode noted that beyond commodity export itemised in the zero-oil policy, Nigeria should evolve mechanisms to export Afrobeat, arts and fashion, adding that they were in high demand in the global market.