Nigerian Export Promotion Council to partner AfDB on non-oil export

05 May 2016
Financial Nigeria

Summary

Mr. Awolowo said the Zero Oil plan proposes quantum increments to production outputs for 11 products cutting across solid minerals, agriculture and hydrocarbon resources.

Segun Awolowo, CEO, Nigerian Export Promotion Council, shakes hands with Akinwunmi Adesina, President, African Development Bank, in Abidjan, Cote d'Ivoire

The Nigerian Export Promotion Council (NEPC) yesterday in Abidjan, Cote d’Ivoire, made a presentation to officials of African Development Bank (AfDB) on development of Nigeria’s non-oil export.

The NEPC presentation centred around its new initiative: The “Zero Oil Plan.” This Plan, according to the NEPC, is a strategic support of the programme of the Administration of President Muhammadu Buhari to dramatically grow Nigeria’s non-oil sector, including non-oil export growth.

The Executive Director and CEO of NEPC, Mr. Olusegun Awolowo, who was at the meeting with a team of AfDB officials including the Bank’s President, Dr. Akinwunmi Adesina, told Financial Nigeria last month that: “We plan 20% growth in non-oil exports by 2019, from current 5%. Non-oil exports are projected to reach $30 billion by 2025.”

He said the ‘revolutionary’ plan, in promoting Nigeria’s export, is already providing answers to the questions: “What would we sell?” “Who would buy?” “How much could we make?”

Like most oil exporting economies, Nigeria has been hard hit by the slump in oil prices. Falling from over $100 per barrel in the third quarter of 2014, the Nigerian grade Brent Crude crashed to $27 a barrel in quarter one 2016. As a result, government revenue has fallen sharply. The reduction in shared revenue by the three tiers of the Nigerian government has resulted in defaults in payment of salaries by most state governments.

President Buhari has laid an ambitious plan of economic diversification, infrastructure investment and social spending which will come into implementation with the passing of the 2016 budget. The programme seeks to boost Nigeria’s domestic production capacity and mitigate the impact of future oil price shocks.

Mr. Awolowo said the Zero Oil plan proposes quantum increments to production outputs for 11 products cutting across solid minerals, agriculture and hydrocarbon resources.

The NEPC also aims to tap the diaspora market for Nigerian non-oil export through initiatives that include the Nigerian Heritage City, Nigerian Cuisine Beyond Borders, and Diaspora Export of Nigerian Products (DENOP).


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