To enhance the global competitiveness of businesses, the Federal Government has committed N50billion to the Nigerian Export Promotion Council (NEPC).
Vice President Yemi Osinbajo said this at the National Conference on Non-Oil Export with the theme, ‘Export for survival: Optimising Nigeria’s non-oil export potential” in Abuja.
He stated the focus should be more on productivity and the objective of the plan, which shows where we were headed in terms of non-oil export which includes the establishment of strong foundation for a diversified economy.
He noted that the export for survival theme carried the urgency of the challenge that nation face, saying: “If we do not accelerate the diversification of the economy, we understand and appreciate the extensive impact that this will have on our people; so we are committed to moving quickly and assuredly.
“Our considered response has been carried out on the dynamism of the people and the multi-sectoral potential for innovation and productivity at scale. The second responsibility of government is leading that charge to unlocking this potential and this involves not just the government but the states also. The challenge facing our non-export economy is huge especially in the light of what has transpired in the last eight years.’’
“In 2021, Nigerian non-oil revenue stood at about N1.15trillion, which represented the growth in GDP of about 4.75 per cent in the fourth quarters it recorded about 92.51 per cent to the nation’s overall GDP so in actual fact the non-oil economy has contributed significantly to the GDP. In 2019 the year proceeding Covid-19 the normal oil revenue represented 92.68 per cent of the total GDP so there again almost a one per cent increase. The growth following the year indicates a growing resilience of the non-oil sector and it is very clear that we have also become even more susceptible to growth as oppose to shocks.”
The Executive Director, CEO NEPC, Ezra Yakusak, said the report from Pre-Shipment Inspection Agencies (PIA) indicated a significant growth in export proceeds in the last five years, from $1.2billion to $3.4billion as against an yearly average of $22billion food import alone.
Yakusak said to close this gap efforts were required from practitioners in the non-oil export value chain.