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.