The Minister of Trade Olusegun Aganga has told anyone who cares to listen of his grand mission to industrialize Nigeria and diversify our economy. He has been on the forefront of several of this governments “industrial revolution” plans as well as its quest to attract foreign investments. Now he has come again!! This time he has rolled out a list of 13 commodities that he hopes will replace oil in Nigeria as our major revenue drivers. Here they are;
- Agro-industrial- palm oil, cocoa,
- Cashew,
- Sugar
- Rice;
- Mining Related cement,
- Iron ore/metals;
- Auto parts/cars,
- Aluminum and
- Oil and Gas industrial products;
- Petroleum products,
- Fertiliser/Urea,
- Petrochemical
- Methanol.
There you have it Nigeria!! These are the products that have been chosen to replace Oil as our major source of revenue. Whilst this is a good mix, I am surprised to see the absence of services in the list. Is it that Nigeria can’t export services outside Nigeria? Particularly with neighboring countries? For example, Nigerian own banks, hotels, schools, hospitals etc. This is one area that requires little or no costly waivers or import duties or some costly government incentives. Another strange thing I don’t see on this list in Cocoa and Coal. Nigeria has them in abundance and yet they miss out on this list. What about Shea Butter and Gold?
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I’m surprised you say Cocoa is not on the list. I can see it there.
Joe