Dr. Ezra Yakusak, Executive Director/Chief Executive of the Nigerian Export Promotion Council (NEPC), says the country must concentrate on the non-oil sector in order to survive due to declining revenue from crude oil and the global shift away from fossil fuels to cleaner energy sources.
This, according to him, was a key factor in the council’s decision to launch the Export4Survival campaign as a patriotic appeal to all Nigerians to embrace non-oil export trade as a workable strategy for economic growth in light of the country’s declining foreign exchange inflows from the sale of crude oil.
Speaking at the stakeholders’ conference hosted by the Commerce and Industry Correspondents Association of Nigeria (CICAN), he claimed that the program, which was introduced in November 2022 by Mr. Adeniyi Adebayo, Minister of Industry, Trade, and Investment, had become a fulcrum for inclusive and sustainable economic growth.
Yakusak said, “Export4Survival is a strategic initiative that seeks to massively increase awareness of the opportunities inherent in the Nigerian non-oil export sector (both upstream and downstream), as well as the benefits accruable from exporting Made-in-Nigeria goods and services to the overall growth of the Gross Domestic Product (GDP).”
Read Also: takhars-flood-hit-families-beg-for-govt-assistance
He pointed out that the campaign was anchored on imagining a Nigeria without crude oil and with no choice but to depend on non-oil export as the only means of survival.
He said the council had also commenced a series of programmes and initiatives to actualize the campaign, adding that these efforts are currently yielding positive dividends.
Specifically, the NEPC boss pointed out that the non-oil export sector recorded a significant upsurge in revenue, recording $4.82 billion in 2022 and representing an increase of 39.91 percent over 2021 export value.
Yakusak explained that the council believed with the right strategy and policies, the country could leverage Foreign Direct Investment (FDI) to develop its non-oil export sector.
Among other things, he said the current export-led growth strategy would provide producers with incentives to export their goods through various economic and governmental policies as well as increase the capability of producing goods and services that can compete in the world market, use advanced technology, and provide foreign exchange needed to import capital goods.
He added that exports can increase intra-industry trade, help the country to integrate with the world economy, and reduce the impact of external shocks on the domestic economy.
Story adapted from ThisDay
