Nigeria To Increase Non-Oil Export Revenue To $25bn, Says NEPC

The Nigeria Export Promotion Council (NEPC) says it has made strategies to increase the nation’s earning from the non-oil export from 2.7 billion dollars to 25 billion dollars by 2025.
This was disclosed by the Executive Director of the NEPC, Mr Olusegun Awolowo, at a one day workshop on “The legal aspects of export contract’’ in Benin on Thursday.
Represented by the Director of the legal unit, Mr Ezra Yakusak, the NEPC boss said this would be achieved through a developed “Zero Oil Plan’’.
He explained that the zero oil plan was a strategy adopted to mobilise both private and public resources to replace oil as the country’s major source of foreign exchange.
He said this had become inevitable in the face of the recent free fall of oil price in the world economy.
He stressed that the era of Nigeria depending on oil as its primary sources of foreign exchange was gone.
According to him, “Our continued reliance on oil would only decrease our economic fortunes. There is therefore no better time to embark on non-oil exports than now.
“The NEPC has taken a proactive step at increasing Nigeria’s foreign exchange earnings through non-oil exports by developing the zero oil plans.
“The zero oil plan is a coherent agenda to mobilise the public and private resources towards replacing oil as our number one source of foreign exchange.
“Under the plan, Nigeria will position itself to gain at least a five per cent share of a total value of world exports in strategic sectors over the next 10 years.
This is to ensure sufficient scale of production and prevent sudden market distortions.
“At the end of 10 years, it is hoped that our non-oil export revenue would increase from 2.7 billion dollars in 2014 to 25 billion dollars in 2025.’’
Earlier in her address, the Zonal Controller of the Benin office of the NEPC, Mrs Etokowoh Moses, said the workshop would offer participants better understanding of international contracts terms.
She also noted that the participants would be exposed to risks management associated with genuine export contracts.
“As you are aware, most international trade transactions fail to yield fruitful results due to the inability of parties to successfully initiate and satisfy the legal requirements of a genuine export contract,’’ she said.
Gov. Adams Oshiomhole of Edo advised the participants on the need to open new frontiers in their businesses.
Represented by his Special Adviser of Small and Medium Enterprise, Mr Daniel Akhilele, Oshiomhole said Nigerians must understand what it entailed to move their businesses beyond their communities.