Post by Trade facilitator on Nov 8, 2021 15:43:57 GMT 1
Nigerian Export Promotion Council (NEPC) Lists 22 Priority Products That Can Earn Nigeria $30 Billion In Non-OIL Exports By 2025
Non-oil products are simply products that do not fall into the category of crude oil and its derivatives. Be informed that products like petrochemicals are also non-oil products because they have passed through further processing from the crude oil.
However, the Nigerian Export Promotion Council (NEPC) has released a list of 22 products that can help Nigeria reach a level where it can no more depend on revenue from crude oil as the only source of national income.
The NEPC in a recent publication “Opportunities in the Export Market” released a list of 22 exportable products.
Though Nigeria has far more than the exportable product as shown in the list, if the country can seriously follow up with the products listed, the sky will be the beginning of the country’s survival.
The report showed that there is an unacceptable high rate of unemployment of about 33.6% in the country; it is also apparent that the value of our local currency the Naira has been consistently going down over a few years now.
The value of revenue from our crude oil exports had fallen too low, and the effect of the Covid-19 pandemic had not helped matters.
How will the country survive in a world where oil is no more relevant? Electric cars are produced and sold in several hundreds of thousand all over the world. Nobody cares about what happens to you, the west is busy looking for ways to cut down its crude oil consumption drastically.
However, NEPC has a zero oil plan strategy that will diversify Nigeria’s export portfolio to include non-oil exports such that it will contribute about 20% of the National GDP.
The non-oil export sector is currently contributing an insignificant amount of less than 10% to the national GDP. What it means by implication is that whenever there is a major shift in the crude oil market in the world, the country will be heavily affected.
This forum therefore supports whatever measure the federal government is taking to increase the contribution of non-oil sector to the national economy.
NEPC in the document said “The target is to attain $30 billion in non-oil exports by 2025 and 500, 000 additional jobs created annually.
“NEPC recognizes that participation of the private sector is important to the success of the zero Oil Plan – a blue print for non-oil export-led economic diversification agenda.”
The 22 priority non-oil export products are:
Category A:
Petrochemical & Methanol
Soybeans
Sugar
Cotton & Yarn
Nitrogenous Fertilizer & Ammonia
Palm Oil
Rice
Rubber
Hides & Leather
Cocoa
Gold
Category B:
Cement & Clinkers
Tomato (fresh and partly processed)
Banana & Plantain
Oranges
Cashew
Cassava
Sesame
Spices
Ginger
Shea Butter
Cowpea
Nigeria’s exported goods valued at N7.99 trillion for the period between January and June 2021, and during the same period imported goods valued at N13.8 trillion, this means that the country had a negative trade balance of about N5.81 trillion between January and June 2021.
From the plan of the NEPC, the nation is expecting to export goods in category A to the tune of $28 billion; the word’s total export value is $400 billion. The country is expecting to realize about $7.5 billion from Petrochemical and Methanol from its non-oil export drive, according to the document.
It is also important for you to know that the President, Muhammadu Buhari has approved the appointment of Dr Ezra Yakusak as the new Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC).
He will be taking over from Olusegun Awolowo, who had been on the saddle after being reappointed as the Chief Executive Officer of NEPC in February 2018.
This information was released recently by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu in Abuja.
We wish the outgoing Chief Executive well in his next endeavors. He really introduced many innovative programmes into the council, and we wish that the incoming CEO follows suit and surpasses his exploits.
Non-oil products are simply products that do not fall into the category of crude oil and its derivatives. Be informed that products like petrochemicals are also non-oil products because they have passed through further processing from the crude oil.
However, the Nigerian Export Promotion Council (NEPC) has released a list of 22 products that can help Nigeria reach a level where it can no more depend on revenue from crude oil as the only source of national income.
The NEPC in a recent publication “Opportunities in the Export Market” released a list of 22 exportable products.
Though Nigeria has far more than the exportable product as shown in the list, if the country can seriously follow up with the products listed, the sky will be the beginning of the country’s survival.
The report showed that there is an unacceptable high rate of unemployment of about 33.6% in the country; it is also apparent that the value of our local currency the Naira has been consistently going down over a few years now.
The value of revenue from our crude oil exports had fallen too low, and the effect of the Covid-19 pandemic had not helped matters.
How will the country survive in a world where oil is no more relevant? Electric cars are produced and sold in several hundreds of thousand all over the world. Nobody cares about what happens to you, the west is busy looking for ways to cut down its crude oil consumption drastically.
However, NEPC has a zero oil plan strategy that will diversify Nigeria’s export portfolio to include non-oil exports such that it will contribute about 20% of the National GDP.
The non-oil export sector is currently contributing an insignificant amount of less than 10% to the national GDP. What it means by implication is that whenever there is a major shift in the crude oil market in the world, the country will be heavily affected.
This forum therefore supports whatever measure the federal government is taking to increase the contribution of non-oil sector to the national economy.
NEPC in the document said “The target is to attain $30 billion in non-oil exports by 2025 and 500, 000 additional jobs created annually.
“NEPC recognizes that participation of the private sector is important to the success of the zero Oil Plan – a blue print for non-oil export-led economic diversification agenda.”
The 22 priority non-oil export products are:
Category A:
Petrochemical & Methanol
Soybeans
Sugar
Cotton & Yarn
Nitrogenous Fertilizer & Ammonia
Palm Oil
Rice
Rubber
Hides & Leather
Cocoa
Gold
Category B:
Cement & Clinkers
Tomato (fresh and partly processed)
Banana & Plantain
Oranges
Cashew
Cassava
Sesame
Spices
Ginger
Shea Butter
Cowpea
Nigeria’s exported goods valued at N7.99 trillion for the period between January and June 2021, and during the same period imported goods valued at N13.8 trillion, this means that the country had a negative trade balance of about N5.81 trillion between January and June 2021.
From the plan of the NEPC, the nation is expecting to export goods in category A to the tune of $28 billion; the word’s total export value is $400 billion. The country is expecting to realize about $7.5 billion from Petrochemical and Methanol from its non-oil export drive, according to the document.
It is also important for you to know that the President, Muhammadu Buhari has approved the appointment of Dr Ezra Yakusak as the new Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC).
He will be taking over from Olusegun Awolowo, who had been on the saddle after being reappointed as the Chief Executive Officer of NEPC in February 2018.
This information was released recently by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu in Abuja.
We wish the outgoing Chief Executive well in his next endeavors. He really introduced many innovative programmes into the council, and we wish that the incoming CEO follows suit and surpasses his exploits.
