Finance

Nigeria lost $30bn to oil export drop in 1 year – NEPC

The Executive Director of Nigerian Export Promotion council (NEPC), Segun Awolowo, has revealed that the country lost over $30 billion due to fall in crude export in 2015.

Awolowo disclosed this in Abuja last Thursday when he hosted a delegation of Japanese Industrialist. The ED stated that, “Nigerian got $70 billion from oil export in 2014 but the country failed to export that much in 2015, making only $40 billion and incurring losses to the sum of $30 billion.”

He stressed the need for the country to revamp export in agricultural produce, manufacturing and industry, stating that, “when you drive your export hub, you increase your foreign exchange. And Nigeria needs to grow her foreign income” he said.

Awolowo reaffirmed the Council commitment to add $150 billion to the country’s foreign reserve over the next 10 years through the export of non –oil products. “We have implemented a rigorous screening exercise to come up with promising products that will replace oil in the global market and drive home the needed foreign exchange,” he said.

He said the Council is looking for investment in manufacturing and industry as a means to grow access to foreign income, adding that, “Nigeria has an export inertia problem because the country has failed to export.”

Awolowo lamented that despite the huge size of African continent, the continent contributes less than 4 percent of global export, insisting that Nigeria needs to increase her production significantly to be able to meet the national target for export.

He therefore called on the Japanese delegation to initiate programs that will boost Nigeria –Japan export.

Responding, the leader of the delegation, Yasuhiro Hashimoto reaffirmed Japan commitment in ensuring that the bilateral trade collaboration benefit’s both countries.

In another development the council has selected Cotton, Leather, Gold, Rice, Soya beans, Sugar, Cement, Palm oil, Petrochemicals, fertilizer and Rubber as major export driver that will bring foreign exchange into the country.

Source: Tribune

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