Zero Oil Plan Will Grow Export to $25b: Awolowo

The Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, said it plans to grow non-oil exports from $1.20 billion to $8billion in 2019 and eventually $25 billion by 2025, the Executive Director/CEO,  Segun Awolowo, has said.

Awolowo, who spoke yesterday in Abuja, said the goal will be actualised under the NEPC’s zero oil plan, saying it is a step to practically and realistically diversify the economy.

He said the plan  has been approved by the Federal Executive Council (FEC), adding that a committee under the Chairmanship of the Jigawa State Governor, Alhaji Badaru Abubarkar has been set up to oversee its realisation.

He said: “The programme is designed as an effective tool of introducing companies into the export business, because we in NEPC recognise the fact that many companies desire to go into the export business but lack the capacity and skill to embark on the business successfully.

“The government through various interventions by the council and other relevant stakeholders, has also revived the Export Expansion Grant (EEG) scheme which is one of the export incentives created to make Nigerian products more competitive in the international market.”

He said the scheme was suspended in 2014 due to extreme need for its review to meet the present realities of the economy, pointing out that subsequent to its revival, the council has continued to receive applications from exporters for processing and eventual payment of EEG claims of 2014 to 2017.

The reviewed EEG scheme gives priority to value addition, Awolowo said, adding that with the implementation of the new Basket of Incentives (NBI) which has been revived especially the Export Development Fund (EDF) and the EEG scheme, the issue of export finance is being addressed holistically.

He said most of the graduands will benefit from the incentive schemes when they start exporting their products.

 

Source: The Nation

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