The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Dr Ezra Yakusak, said the only way to guarantee Nigeria’s economic survival is through non-oil export.
Dr Yakusak disclosed this on Friday during a press briefing in anticipation of the NEPC Export Week scheduled to hold from November 21st -26th.
He added that the NEPC wants Nigerians to step into the reality that the only way to guarantee Nigeria’s economic survival is through non-oil export.
- “We are therefore embarking on a massive sensitisation and renewed partnerships with the private and public sector, not just at the national level but also at the sub-national level,’’ he said.
The export week: He noted that export week will be implemented through a series of engagements with key stakeholders within the exporting community and indeed the general public.
- “Only recently, precisely on April 26 and 27, 2022, the Council held its maiden National Conference on Non-oil Export with the theme “Export for Survival: Optimising Nigeria’s Non-Oil Export Potentials”.
- “The conference provided a veritable platform for stakeholders in the non-oil export sector to ventilate ideas on current and emerging issues affecting the non-oil export sector. In this wise, Export Week is a continuation of that engagement with critical stakeholders and discerning members of the public.”
He added that the objective is to keep the “Export4Survival” campaign on the front burner of national discourse using the Export Week as a strategic information and communication tool to change the narratives, citing that the Export Week will help entrepreneurs particularly Small and Medium Enterprises (SMEs) lookout for new opportunities in the sector.
There would also be a launch of the “Export4Survival” Campaign by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and a symposium with the theme “Strengthening the Non-Oil Export Sector for National Development”.
What you should know: Recall Nairametrics reported that Nigeria recorded a total foreign trade of N12.84 trillion in the second quarter of 2022, representing a 32.2% increase compared to the corresponding period of 2021 (N9.71 trillion). However, when compared to the previous quarter, it decreased marginally by 1.2% from N13 trillion).
Nigeria earned N7.41 trillion from export in the period under review, compared to N5.02 trillion recorded in the corresponding period of 2021. This indicates a 47.5% year-on-year increase.
On the other hand, the import bill increased 15.8% year-on-year to N5.44 trillion. Although compared to the previous quarter it declined by 7.9%.
A further breakdown of the report showed that crude oil export rose by 45.1% year-on-year to N5.91 trillion in Q2 2022, this is the highest on record based on data from the NBS. Also, non-crude oil export jumped by 58.2% year-on-year to N1.49 trillion.