Bimbola Oyesola
The Nigeria zero oil plan is expected to generate at least 500,000 additional jobs annually, due to an increase in production and export activities.
As part of contributing to Sustainable Development Goal (SDG), it will as well lift at least 20 million Nigerians out of poverty.
Speaking in Lagos recently, the Executive Director, Nigeria Export Promotion Council (NEPC), Mr Segun Awolowo, said the zero oil plan has set a long-term goal of earning about $100 billion from about 22 major non oil products over the next 10 years. This represent 20 percent of Nigeria’s GDP.
He said the initial target however is to exceed $30 billion in non-oil exports over the next 10 years, if properly implemented.
According to him, the zero oil plan will add an extra $150 billion (minimum) to Nigeria’s foreign reserves cumulatively from non-oil exports over the next 10 years.
He said: “Rolling out export policies for 22 major products that could generate up to $30 billion in foreign exchange a year. These include cotton, rice, leather, gold, soya, sugar, cocoa, petrochemicals, fertilizer, palm oil, rubber, cement, tomato, banana, oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea.
“The zero oil plan has set a long-term goal of earning 20 percent of Nigeria’s GDP (i.e. US$100 billion) from non-oil exports. The initial target however is to exceed US$30 billion in non-oil exports over the next 10 years.
“Our targets are ambitious, and we must be ambitious if we are to achieve effective diversification. The Federal Government is committed to export diversification with the Ministry of Budget and National Planning integrating the zero oil plan as a core component of the Federal Government’s Economic Recovery and Growth Plan (ERGP).
“The National Economic Council (NEC) has constituted the National Committee on Export Promotion. This committee, chaired by the Jigawa State Governor, His Excellency, Muhammad Badaru Abubakar, with some State Governors and relevant MDAs as members, drives the implementation of the Zero Oil Plan”.
He said strategic sectors identified in the zero oil plan have seen significant growth.
“For instance, sesame exports have increased by $153 million since 2016 – an increase of more than 100 per cent.
“There has also been significant growth in exports in the cashew, fertiliser, and leather sectors. The Central Bank of Nigeria has approved the commencement of the Export Facilitation Initiative for five key non-oil products: cashew, cocoa, palm oil, sesame and shea. This will help producers access affordable loans, further boosting our non-oil exports,” he said.
Awolowo said the services export sector also continues to perform well adding that estimates from the IMF, put exports of services doubling since 2014, reaching more than $5 billion in 2017.
On the African Continental Free Trade Area (AfCFTA) agreement, Awolowo said while the US and parts of Europe, notably the UK, are looking inwards, Africa and its most populous country are looking outwards.