Oil: Nigeria lost $30bn in one year, says NEPC boss

Oil platform

Oil platform

25 August 2016, Lagos –  The country lost a total sum of $30bn in oil revenue between 2014 and 2015 as a result of the drop in crude oil prices, the Executive Director/Chief Executive Officer, the Nigerian Export Promotion Council, Segun Awolowo, has said.

Awolowo gave the figure on Thursday in Abuja while speaking at the graduation ceremony of the third batch of the NEPC zero to export capacity building program.

The NEPC boss said while the country earned about $70bn in crude oil in 2014, the amount earned dropped by $30bn in 2015 to $40bn.

He said as a result of the volatile nature of the oil market, the country could no longer depend on such commodity hence the need to groom a new crop of non-oil exporters that would assist in diversifying the economy.

He said, “The federal government fiscal strategy framework for the next three years is based on non-oil. So you could not have chosen a better time to equip yourselves with the skills to effectively participate in the non-oil export sector.

“Recent developments on global commodities market have triggered a wake up call on the need for us to accelerate the diversification of our economy, moving away from an over dependence on oil as our main source of revenue.

“Since peaking in June 2014, the price of crude oil has fallen roughly by 60 per cent. Nigeria lost $30b in oil revenue between 2014 and 2015.

“The zero to export program, which you have just completed will go a long to address constraints of the export sector,which include inadequate skills and poor access to finance.”

He said in a bid to encourage the new set of exporters, the NEPC in collaboration with Providus Bank Plc has secured a N100m financing facility for the graduands.

The Executive Director, Providus Bank Plc, Mr Kingsley Aigbokhaevbo said the bank would continue to support the diversification strategy of the federal government.

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