The Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, on Wednesday said Nigeria’s non -oil sector is expected to generate about $100billion export earnings in the next 12 years.
The NEPC boss said this at the Zenith Bank International Trade Seminar titled: “Exporting for Growth: Opportunities in Non-oil Export,” that took place in Lagos yesterday.
He disclosed that the federal government has a ‘Zero Oil Plan’ whose aim is to systematically replace oil as the major national foreign exchange earner from $8 billion in 2019, $25billion in 2025, and eventually between $70-100 billion in the next 12 years.
According tohim, as part of strategy to boost the non-oil revenue, NEPC has implemented rigorous screening criteria to map out the most promising non oil export sectors for Nigeria which would be reviewed periodically.
According to him, sectors to replace Nigeria’s crude oil exports must be carefully selected, to ensure that sufficient income can be earned to replace lost national revenues within a reasonable investment cycle.
Earlier, the Chief Executive Officer, Zenith Bank, Mr. Peter Amangbo expressed the commitment of the bank to build non-oil export service excellence in the trade and investment sectors, as a means to enhance the performance of the economy as it seeks recovery, stability and growth.
He stated that Nigeria was facing urgent task of improving its Balance of Trade (BoT) by focusing on the non-oil exports following the sharp drop in oil prices. But Amangbo stated that increasing the country’s non-oil exports will help the Nigerian economy out of it present challenge.
Also speaking at the event, the CBN, Deputy Director, Trade and Exchange Department, Mr. W.D Gotring, said Zenith Bank ranks highest among non-oil export participating banks.
He, however, urged banks to deepen funding for non-oil segment of the economy, while stating that export is a key element of the economy that harnessed to boost economic growth.
He said that promotion of the real sector will increase foreign exchange receipt and create job within the economy.