NEPC seeks support of 15 million diaporans to improve declining non-oil exports

The Nigerian Export Promotion Council is currently seeking seeking the support over 15 million Nigerians in the Diaspora to improve the country’s declining non-oil exports.

Segun Awolowo the Executive Director stated this in Abuja during a meeting with members of the Nigerian Initiative Economic Development,NIED.

The NIED is made up of Nigerian-Americans who are currently in the country to support the diversification plans of the federal government through massive investments in agricultutr,manufacturing,solid minerals and transportation.

Awolowo said the NEPC would work with members of the NIED to actualise the vision of the government to make Nigeria an econonmy that could survice without oil revenue.

He said the vision of the NEPC was to replace oil as a major national foreign exchange earner by growing non-oil as a major national foreign exchange earners growing non-oil exports.

He said the volatility in the oil market had made it imperative for the government to look inwards,adding that Nigeria could no longer depend solely on oil revenue for implementation of government’s programme.

The NEPC boss said between 2014 and 2016,the country recorded oil revenue shortfall of $40bn‎,stating that the commission is currently working closely with diasporans to deepen export of non oil exports.

Apart from the dwindling revenue resources,Nigeria is currently facing challenges in the decline in non-oil export as reflected in the drop of income from $2.7 bn in 2014 to $1.6bn in 2015.

Awolowo ,however reassured that that it’s zero oil plan‎ being championed by the agency is focused on replacing oil as the major national foreign exchange earner,by growing non-oil exports to $30bn within the next 10 years.

Nigeria’s top non-oil product include cocoa and cocoa productions preparation which enjoyed 36% increase from $556.8 million in 2012 to $758.6 Million in 2012,but slight decrease of 12% in 2014.Sesame seeds and Cashew nuts also performed well with 35% and 25% increase in 2012 and 13% and 9% in 2014.

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