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Nigeria’s Non-oil export revenue to hit $25 billion

by on March 4, 2016
 
As part of plans to reduce the over dependence on oil, the Nigeria Export Promotion Council, NEPC, yesterday stated that the country’s non-oil export revenue will hit $25 billion in 2025 from the current $2.7billion.
At a one-day workshop tagged “Export contract the legal per­spective”, the Executive Director of the NEPC, Mr. Olusegun Awolo­wo said the fall in oil prices in the world market has impacted nega­tively on Nigeria’s economic for­tunes.
Represented by Ezra Yakusak, the NEPC boss stated that the council has developed a ‘zero oil’ plan that would increase by 5 per­cent Nigeria’s total value of world export in strategic sector in the next10 years.
He said: “The zero plan is a co­herent agenda to mobilize the pub­lic and private resources towards replacing oil as our number one resources of foreign exchange.
“Under this plan, Nigeria will position itself to gain at least a 5% share of total value over the next 10 years to ensure sufficient scale of production and prevent sudden market distortions.
He noted that, “at the end of the ten years, it is hoped that our non-oil export revenue would increase from $2.7 billion to $25 billion in 2015”.
Earlier, the Benin Zonal Coor­dinator of the NEPC, Mrs. Uduak Etokowoh, said the challenges cur­rently faced by Nigeria was a resul­tant effect of the total neglect wit­nessed in non-oil export business.
She said the only way out of the economic woes was through “im­bibing the non-export culture” as the most viable option and efficient road map to the nation’s econom­ic recovery.

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