Export Committee Targets $150bn Revenue

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  • Export Committee Targets $150bn Revenue

The National Committee on Export Promotion ( NCEP ) says it is targeting 150 billion dollars revenue through Zero Oil Plan (ZOP) initiative.

Mr Olusegun Awolowo, Executive Director of Nigerian Export Promotion Council ( NEPC ) and member of the committee disclosed this to newsmen at the end of the committee’s meeting in Abuja on Thursday.

Awolowo said that the revenue would be earned in a period of 10 years and would be used to strengthen the country’s foreign reserve.

He said that the committee had the task to aggregate all issues affecting export in the country and make recommendation to the Federal Government.

“The constitution of the committee seeks to replace oil as the source of foreign exchange earner by growing non-oil exports from present five billion dollars to 30 billion dollars by year 2020.

“The objective of the plan is to further add extra 150 billion dollars (minimum) to Nigeria’s foreign reserves cumulatively from no-oil exports over the next 10 years.

“We will create at least 500, 000 additional jobs annually due to increase in productive and export activities as well as lift at least 10 million Nigerians out of poverty,’’ he said.

According to Awolowo, the committee is expected to submit an initial report on Nov.16, 2017.

He said that the committee’s terms of reference were to aggregate all the issues and recommendations as highlighted in the various initiatives on diversification of Nigeria’s economy.

Others are to consult with the states for their input on the subject and draw up a workable plan to enhance export promotion.

On his part, Gov. Mohammed Abubakar of Jigawa, who is the Chairman of the committee, said that the committee would work with state governments to actualize it objectives.

According to him, all issues currently facing the country’s export will be adequately addressed.

“Non-oil export growth is the only way forward for a sustainable development,’’ he said.

Prof. Yemi Osinbajo, Vice President and Chairman, National Economic Council ( NEC ), inaugurated the committee a few days ago at the 80th meeting of NEC in Abuja.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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