04 March 2016, Sweetcrude, Abuja – The Nigeria Export Promotion Council (NEPC) says it has developed a strategy called “Zero Oil Plan” to increase the nation’s earning from the non-oil export from 2.7 billion dollars to 25 billion dollars by 2025.
This was disclosed by the Executive Director of the NEPC, Mr Olusegun Awolowo, at a one-day workshop organised by the council on Thursday.
Awolowo, who was represented by the Director of the Legal Unit at NEPC, Mr Ezra Yakusak explained that the ‘Zero Oil Plan’ was a strategy adopted to mobilise both private and public resources to replace oil as the country’s major source of foreign exchange.
He said this had become inevitable in the face of the recent free fall of oil price in the world economy, stressing that the era of Nigeria depending on oil as its primary sources of foreign exchange was gone.
According to him, “Our continued reliance on oil would only decrease our economic fortunes. There is therefore no better time to embark on non-oil exports than now. The NEPC has taken a proactive step at increasing Nigeria’s foreign exchange earnings through non-oil exports by developing the zero oil plans.”
He added that, “The ‘Zero Oil Plan’ is a coherent agenda to mobilise the public and private resources towards replacing oil as our number one source of foreign exchange.
“Under the plan, Nigeria will position itself to gain at least a five per cent share of a total value of world exports in strategic sectors over the next 10 years. This is to ensure sufficient scale of production and prevent sudden market distortions.
“At the end of 10 years, it is hoped that our non-oil export revenue would increase from 2.7 billion dollars in 2014 to 25 billion dollars in 2025.”
Earlier in her address, the Zonal Controller of the Benin office of the NEPC, Mrs. Etokowoh Moses, said the workshop would offer participants better understanding of international contracts terms.
She also noted that the participants would be exposed to risks management associated with genuine export contracts.
“As you are aware, most international trade transactions fail to yield fruitful results due to the inability of parties to successfully initiate and satisfy the legal requirements of a genuine export contract,” she said.