Non-Oil Export Policies can Generate up to $30 Billion Within Five Years-NEPC
The Nigerian Export Promotion Council (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.
These non-oil products include cotton, petrochemicals, fertilizers, palm oil, rubber, cement, cement, tomatoes, and bananas. Others are oranges, cashew, cassava, sesame, spices, ginger, shea butter, and cowpea.
Dr. Ezra Yakusak, Executive Director/CEO of NEPC disclosed this on Monday, July 18, at a five-day export promotion capacity-building programme to promote non-oil exports for Nigeria to meet its national and global economic demands. The programme was organized by Fidelity Bank PLC in partnership with the Lagos Business School (LBS) and NEPC.
“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,” Ezra said.
“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.
Meanwhile, 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 a 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.
Also, Nigeria exported N655.94 billion worth of natural gas in Q1 2022, a 14% increase compared to N573.85 billion recorded in Q4 2021, 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 an aqueous solution or not, accounted for 2.93% of the country’s total export in the period under review.