The Nigeria Export Promotion Council (NEPC) disclosed that the FG’s One-State-One-Product (OSOP) initiative will enable Nigeria’s non-oil exports reach the sum of $30 billion by 2025.
This was stated by Mrs Pauline Ndulaka, Deputy Director of NEPC, during the Implementation of OSOP Value-Chain Export Development meeting through the National Committee on Export Promotion, in Uyo, on Wednesday.
The NEPC Deputy Director added that Nigeria’s reliance on crude oil and gas exports has contributed to the volatility of the economy
“With the proper implementation of OSOP, the nation’s foreign reserves would rise from non-oil exports in the next 10 years, create at least 500,000 additional jobs annually and lift Nigerians out of poverty,” she said.
She urged state governors to focus on productive comparative advantage in their states and develop it for export, citing Akwa Ibom with lots of exportable products such as fresh coconut oil, cassava, seafood, palm fruits, and iron ore, among others.
What you should know
Nigeria’s import surged by 54% year-on-year to N6.85 trillion in the first quarter of 2021 from N4.44 trillion recorded in the corresponding period of 2020. Total trade in the period stood at N9.76 trillion, 14% higher than N8.55 trillion recorded in Q1 2020.