Post by Trade facilitator on Oct 15, 2012 22:03:38 GMT 1
IN its quest to grow additional streams of income for the country, the Federal Government has hinted of plans to diversify the economy towards non-oil exports.
This, the government said, is to reduce Nigeria’s over dependence on oil for substantial percentages of the country’s Gross Domestic Product (GDP) and foreign exchange.
The Director, Special Duties Olajide Mohammed, the Nigeria Export Promotion Council (NEPC), noted that product diversification is the key to Nigeria’s sustained economic development; hence the continued dependence on crude oil as Nigeria’s main foreign exchange earner must be discouraged given that it was an exhaustible commodity characterised by price fluctuation.
He said, “This brings to fore Nigeria’s abounding potentials in human and natural resources including solid minerals, agricultural commodities and manufacturing were highlighted as veritable areas of investment, which would guarantee sustainable development, since they would provide wealth, create jobs and alleviate poverty.
“Based on this an appeal is being made to the government to address the infrastructural deficiencies that challenged Nigeria’s growth in these areas. Continually negotiate bilateral, regional and multilateral agreement in relation to the country’s export trade, this is to intensify public private partnership and ensure the realisation of national economic and industrial growth.”
Expatiating, he said: “There is also need to explore more creative ways of attracting funding to the non-oil sector develop and implement a new Nigeria non-oil export development strategy by ensuring consistency.”
Source: thenationonlineng.net/new/business/fed-govt-to-diversify-from-oil-to-non-oil-export/
This, the government said, is to reduce Nigeria’s over dependence on oil for substantial percentages of the country’s Gross Domestic Product (GDP) and foreign exchange.
The Director, Special Duties Olajide Mohammed, the Nigeria Export Promotion Council (NEPC), noted that product diversification is the key to Nigeria’s sustained economic development; hence the continued dependence on crude oil as Nigeria’s main foreign exchange earner must be discouraged given that it was an exhaustible commodity characterised by price fluctuation.
He said, “This brings to fore Nigeria’s abounding potentials in human and natural resources including solid minerals, agricultural commodities and manufacturing were highlighted as veritable areas of investment, which would guarantee sustainable development, since they would provide wealth, create jobs and alleviate poverty.
“Based on this an appeal is being made to the government to address the infrastructural deficiencies that challenged Nigeria’s growth in these areas. Continually negotiate bilateral, regional and multilateral agreement in relation to the country’s export trade, this is to intensify public private partnership and ensure the realisation of national economic and industrial growth.”
Expatiating, he said: “There is also need to explore more creative ways of attracting funding to the non-oil sector develop and implement a new Nigeria non-oil export development strategy by ensuring consistency.”
Source: thenationonlineng.net/new/business/fed-govt-to-diversify-from-oil-to-non-oil-export/
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