Nigeria Aim to Earn $30b from Zero Oil Plan, Says Awolowo

Segun Awolowo

Nigeria plans to realise at least $30 billion in the next 10 years from their zero oil export being planned and executed by the Nigeria Export Promotion Council as a multiple approach to diversifying the economy and save the country from depending on oil.

This was disclosed by the Executive Director and Chief Executive Officer of Nigerian Export Promotion Council, Mr. Segun Awolowo, who was in Maiduguri while on sensitisation visit where he paid a courtesy visit to Governor Babagana Zulum.

While congratulating Professor Zulum on his electoral victory, he used the occasion to brief the governor of the importance of NEPC as the foremost apex institution for promoting the development and diversification of exports.

He told the governor that the vision of NEPC “was to make the world a market place for Nigerian non-oil goods and services. “

Awolowo said NEPC mission “is to spearhead the diversification of the Nigerian economy by expanding and increasing  non- oil exports for sustainable  and inclusive economic growth”

He said over five decades Nigeria had depended  solely on crude oil as export revenue earner accounting for over 80 per cent of foreign exchange earning and more than 65 per cent of federal budget funding.

Awolowo said the zero oil plan had set a long – term goal of earning 20 percent Nigeria GDP (i.e. $100b) from non-oil export. The initial target is however to exceed  $30b in non-export over the next 10 years.

He said if this was properly implemented,  the plan would lead to three primary results: The zero oil plan will add an extra $150b (minimum) to Nigeria’s foreign reserves accumulating from non- oil exports over the next 10 years;  create at least 500,000 additional jobs annually due to an increase in productive and export activities helping to contribute to Sustainable Development Goal (SDG) to Decent Work and Economic Growth and would lift at least 20 million  Nigerians out of poverty.

In his response Governor Zulum said he was excited to receive Awolowo whom he noted to be  “a  reputable investment guru” and a grandson of one of Nigeria greatest political leaders  Chief Obafemi Awolowo.

He said he would appreciate a quick revamping of the economy of the state “ as you know, Borno is strategically located with the advantage of controlling  a regional commercial hub as it borders Republics of Chad. Niger, Cameroon and with linkages to the Central African Republic.”

Unfortunately,  the governor pointed out that developments in the last decade had crippled the vibrant economy of the state as Insurgents had grounded agricultural activities and almost destroyed our Sahelian ecosystem.

The governor said he was excited by the visit of Awolowo adding “ I have seen you as a worthy partner to revamp the state economy.”

The governor assured Mr. Awolowo that his government “ will ensure conducive policy environment and other necessary support to all our farmers.  We will be proud to encourage production for export to boost the economy”.