The Nigerian Export Promotion Council (NEPC) has stated that recent developments in the global economy have made it clear why Nigeria must be dedicated to the exportation of its vast non-oil resources.
The NEPC stated that it has a strategy for boosting foreign exchange through the non-oil export policies for 22 major products that could generate up to $30 billion in foreign exchange within a period of five years, according to NAN.
This was disclosed on Monday by Dr. Ezra Yakusak, Executive Director/CEO of the NEPC at a five-day export promotion capacity-building programme to promote non-oil exports for Nigeria to meet its national and global economic demands.
What the NEPC is saying
Mr. Babatunde Falake, Director, International Export Office, NEPC, representing Yakusak said, “Recent developments in our national economy and indeed the global economy have made it clear to us that more emphasis should now be laid on the export of our vast resources if we must survive as a nation.
“It is unfortunate that Nigeria, having been blessed with resources in agriculture, solid minerals, entertainment industry, creative arts, Information and Communication Technology, fashion and of course manufacturing has continued to rely on the export of crude oil as the major source of foreign exchange.”
He added that the council developed its zero oil plan in response to the recession of 2016 following the crash in crude oil prices, citing that the scheme focuses on non-oil export policies for 22 major products that could generate up to $30 billion in foreign exchange within a period of five years.
“The 22 products include: cotton, petrochemicals, fertilizers, palm oil, rubber, cement, tomatoes, banana. Others are oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea,’’ he said.
 “The Council recently launched the ‘Export 4 Survival’ campaign which is aimed at sensitising Nigerians from all walks of life to embrace non-oil export as a viable option for our economic growth and survival.
“The campaign is already making impact as the council with its activities is now in the limelight nationwide.
“A look at the various topics for discussion clearly demonstrates our readiness to equip the participants with the required knowledge and skills for successful export business and specially, to curtail the rejection of non-oil exports from Nigeria,’’ he added.
What you should know
- Nairametrics reported last month that Nigeria exported merchandise worth N7.1 trillion in the first quarter of 2022, rising by 23.13% compared to N5.77 trillion recorded in the previous quarter; 137.88% higher than the N2.98 trillion recorded in the corresponding period of 2022.
- Nigeria exported petroleum oil and oils obtained from bituminous minerals in crude form worth N5.62 trillion in Q1 2022. This represents about 79.16% of the country’s total exports in the period under review.
- Nigeria exported N655.94 billion worth of natural gas in Q1 2022, a 14% increase compared to N573.85 billion recorded in Q4 2021, and accounting for 9.24% of the total exports.
- Nigeria’s urea export increased marginally in Q1 2022 to N208.39 billion from N208.05 billion recorded in the previous quarter. The export of urea, whether in aqueous solution or not, accounted for 2.93% of the country’s total export in the period under review.
Good news. It is high time we shored up our foreign exchange reserves. Government should encourage exporters and ensure all measures are put in place for the success (effectiveness and efficiency) of the policy.