The Federal Government has
declared that it would continue to support Nigerian exporters through its
various agencies by bringing about necessary reforms to boost the growth of the
country’s non-oil exports.
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Vice President, Professor Yemi Osinbajo, who gave the
assurance, also urged exporters to take advantage of opportunities for growth
in the African market through the African
Continental Free Trade Area (AfCFTA).
This is even as Osinbajo also
disclosed that the majority of the revenue flowing into the nation’s treasury
was being generated from non-oil exports.
According to him, the Federal
Government had worked assiduously to ensure that the country achieved economic
diversification.
Speaking during the 51st annual
international conference of the Nigerian Society of Chemical Engineers (NSChE)
in Lagos, Osinbajo, who was represented by the Minister of Science, Technology
and Innovation, Dr. Ogbonnaya Onu,
noted that Nigeria must not be caught napping as crude oil and gas are no
longer the major fuel that drives global economies.
According to him, more
technologically advanced nations of the world have switched to clean and
renewable energy.
He further highlighted that the President Muhammadu Buhari
administration was preparing Nigeria to not only meet challenges posed by the
changing world but also to help Nigeria occupy her rightful place among the
comity of nations.
He said: “Many
countries in different continents are now preparing themselves to depend less
on fossil fuels. Electric cars are found on roads and streets of many of the
technologically developed countries of the world.
“This has sent a clear
signal and a strong message that fossil fuels will not be as important as they
are in the years to come. Our nation must prepare for a future where crude oil,
which has for long been our major source of revenue will no longer occupy its
prominent position in the economies of many nations.”
Osinbajo had disclosed the
improved earnings from non-oil exports last Wednesday when he received a
delegation of major agro-exporters in the country at the Presidential Villa,
Abuja.
The delegation was in the State
House with the CEO/Executive Director of the Nigeria Export Promotion Council, Mr. Segun Awolowo, who formally
developed a Zero-Oil Plan designed to move Nigeria away from being an
oil-dependent economy.
Highlighting the approval of the
National Development Plan by the Federal Executive Council (FEC), the Vice
President stated that, “one of the major components of
that Plan is that we are trying to move away as much as possible from our
dependence on oil and gas proceeds as our major sources of foreign exchange.
You have seen a trend towards that in revenue figures.”
He further said: “We believe attention needs to be paid to exports generally.
Of all the various plans that we have, one of the critical things for us now is
that we all know that we are moving away very quickly from oil.”
Noting that Nigeria is a
principal player in the AfCFTA agreement, the Vice President stated that
Nigerian exporters and businesses could be major beneficiaries of the
agreement.
“For us economically,
beginning now, we cannot afford to have a situation where for any reason at
all, an area of competitive advantage for us which is agro-export suffers in
any way on account of something we can help. Anything we can do, there
shouldn’t be a cause for any kind of hindrance to agro-export,” he said.
On support for agro-exports,
Osinbajo stated that government agencies would continue to explore measures to
boost exports and improve the economy generally, even as he noted that “agro
exporters here are the end-users of the services of government.”
He further noted that, “most of the government agencies here have already worked
with us in the Presidential Enabling Business Environment Council (PEBEC)
(which the VP chairs). As members of PEBEC, we already know what government’s
intentions and desires are and we are not averse to criticisms or comments
coming from the end-users of government services.
“We should be able to
have a robust, free and frank conversation so that we can take steps to remedy
whatever needs to be remedied so that we can achieve something for our country
and people.”
In his remarks, the Executive
Director of NEPC, Awolowo, commended the Federal Government for its efforts and
for giving credence to non-oil exports in the National Development Plan. He noted that the country could
no longer rely on oil as its major foreign exchange earner.
“This meeting is
crucial and the exporters are delighted that we have raised it to this level.
This shows the government is listening and ready to answer us,” he stated.
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