- Zero Oil Plan to Lift 20m Nigerians Out of Poverty – Awolowo
Mr Olusegun Awolowo, the Executive Director/Chief Executive Officer, the Nigeria Export Promotion Council (NEPC), has said zero oil plan of the council would create at least 20 million jobs for Nigerians over the next decade if carefully implemented.
Awolowo made the statement on Thursday at Non-Oil Export Conference and Awards held in Lagos.
He explained that the zero oil initiative was capable of creating 500,000 jobs yearly, and lifting nothing less than 20 million Nigerians from poverty, in line with the United Nations Sustainable Development Goals (SDGS).
According to him, “Nigeria has run a mono-product economy for too long. We have been left vulnerable to oil price shocks, the latest of which we are seeing now with the outbreak of the Coronavirus.”
This he said has limited the nation from broad-based growth, saying Nigeria’s growth is directly proportional to crude oil stability. Something, according to him, was responsible for the nation’s fluctuating foreign direct investments and foreign reserves.
“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.
“It will create at least 500,000 additional jobs annually, due to an increase in production and export activities, helping to contribute to SDG 8, which is, ‘Decent Work and Economic Growth.’
“Lastly, the zero oil Plan will lift at least 20 million Nigerians out of poverty.”