…As CBN ranks Zenith Bank highest in non-oil export support
By Blaise Udunze
THE Federal Government has disclosed that the non-oil sector would generate about $100 billion in export earnings in the next 12 years.
The Executive Director/ CEO, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, disclosed this yesterday at the Zenith Bank International Trade Seminar themed, “Exporting for Growth: Opportunities in Non-oil Export.”
He disclosed that NEPC, which is an agency of government solely responsible for the non-oil exports has mapped out “The Zero Oil Plan” to replace oil as the major national foreign exchange earner, by growing this segment of the economy from $8 billion (2019), $25 billion (2025), and eventually between $70 and $100 billion in the next 12 to 15 years.
Awolowo, however, hinted that as part of strategy to boost the sector, NEPC has implemented rigorous screening criteria to map out the most promising non-oil export sectors for Nigeria, which would be reviewed periodically.
According to him, sectors to replace Nigeria’s crude oil exports must be carefully selected to ensure that sufficient income can be earned to replace lost national revenues within a reasonable investment cycle.
The NEPC boss further explained that the three major criteria were selected for the “Zero Oil Plan” for Category A products were to be focused on “size of the product/sector traded internationally, which is based on the financial value, relative ease of operating in the sector, and comparative advantage within Nigeria.”
He stated that there is a strategy that challenges all 36 states of the federation to develop at least one key exportable product through the value chain based on their comparative advantage, as the nation is endowed with several unharnessed solid minerals.
Also speaking at the event, GMD/CEO of Zenith Bank, Peter Amangbo, expressed the commitment of the bank to build non-oil export service excellence in the trade and investment sectors, as a means to enhance the performance of the economy as it seeks recovery, stability and growth.
He stated that Nigeria is faced with the urgent task of improving its Balance of Trade (BoT) by focusing on the non-oil exports since the sharp drop in oil prices in the international commodities market has redirected the nation’s attention on the vulnerability of the economy.
Amangbo observed the value of the total non-oil export performance during the period between 2013 and 2015 took a dip, although the fundamentals show that increasing non-oil exports will serve to pull the economy into recovery, create millions of jobs, while contributing to the development of many states.
CBN Deputy Director, Trade and Exchange Department, Mr. W. D. Gotring, said Zenith Bank ranks highest among non-oil export participating banks.