Jaiyeola Olarewaju, OPEXA Executive Secretary, in a statement reaching Xinhua in Lagos, said he believed the only way out for the country to disentangle itself from the shackles of mono-economy is to diversify its export.

oil money
oil money

OPEXA is made up of membership that cuts across the real sector, comprising manufacturing and agriculture production and processing activities.

He said Nigeria could double its agricultural output over the next 15 years by introducing some simple reforms, noting that there is “ample evidence” to show the government policy to boost the non-oil export has yielded some positive results.

Olarewuja said many companies had invested in export processing factories to add value to primary products, adding that non-oil exports have shown remarkable growth from 1.0 billion U.S. dollars in 2006 to about 3.0 billion dollars in 2013 in foreign exchange.

According to him, the bulk of non-oil exports which are agro-allied employ over 11 million Nigerians directly and indirectly.

It has boosted agricultural income, he said.

He lament on some factors that were negatively affecting the non-oil sector in particular and the economy in general, saying the extant policy on the Export Expansion Grant (EEG) and the utilization of the Negotiable Duty Credit Certificates (NDCC) had been put on hold.

This is having a negative effect on the non-oil sector in particular and the economy in general, the official added.

According to Olarewaju, government statistics on non-oil exports have declined by 10 percent in 2014 and 20 percent in the first quarter of 2015, thereby aggravating the already precarious FOREX situation.

He said liquidity crisis had led to fall in demand for agricultural commodities and Nigeria’s image as a reliable international trade partner had been affected. Enditem

Source: Xinhua


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