Fallen Crude Price: NEPC tasked to facilitate economic recovery

01 April 2016, Abuja – The New Initiative for Credible Leadership has tasked the Nigerian Export Promotion Council (NEPC) to increase its activities towards ensuring increase in non-oil export as solution to the economic hardship caused by fallen crude oil price.

Oil prices drop

Oil prices drop

It said NEPC has a crucial role to play in Nigeria’s economic recovery since there is finally a consensus that the era of depending on crude oil as the country’s major revenue source is over. A statement issued by the group on Thursday, in Abuja noted that the current economic challenge offers a unique chance for NEPC to fulfill its mandate of developing and diversifying the nation’s export trade since it can easily get the buy-in of Nigerians at this point.

The statement by signed by its Executive Director, Rev Samson Onwu, affirmed that NEPC must also live up to its responsibility of assisting the development and promotion of export-oriented industries since the country must first have products to sell to the world before increasing its export.

The statement read: “Now is a good time for the Executive Director of NEPC, Mr Olusegun Awolowo to implement all the impressive concepts and ideas he had articulated in the past. His public pronouncements have been source of hope in the past and we believe the implementation of his ideas will bring the much needed succour to Nigerians.

“Our observation is that Nigerians have been looking inwards since the pressure on the naira first manifested and our belief is that it is a matter of time before the small and medium scale industries that were recently re-activated will begin to produce surplus to local consumption. NEPC must prepare for this eventuality to ensure that there would be no glut and that industries are able to export such surpluses without breaking sweat.

“We equally expect that Mr Awolowo can now activate the various foreign contacts and relationships that the Council has built in the past years for the benefit of Nigerian companies that are ready to export their goods and services.”

Onwu also advised the NEPC Executive Director not to shy away from exploiting the cooperation that is possible with government agencies with complementary functions to ensure that the economy is taken out of the woods.

 

 

  • Vanguard

 

 

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