Amid Quest for Cleaner Energy, Nigeria Must Prioritise Non-oil Sources for Survival, Says NEPC Boss

James Emejo in Abuja

Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, has said dwindling revenue from crude oil coupled with the global shift in usage of fossil fuel to cleaner energy sources had made it imperative that the country must focus on the non-oil sector for survival.

He said this was a major reason the council initiated the Export4Survival campaign as a patriotic call for all Nigerians to imbibe and adopt non-oil export trade as a viable means of economic development to boost Nigeria’s foreign exchange earnings in light of dwindling inflows from the sale of crude oil.

Speaking during the stakeholders’ conference organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN), he said the programme which was launched by the Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo November 2022, had become a pivot for sustainable and inclusive economic growth.

Yakusak said, “Export4Survival is a strategic initiative that seeks to massively increase awareness of the opportunities inherent in the Nigerian non-oil export sector (both upstream and downstream), as well as the benefits accruable from exporting Made-in-Nigeria goods and services to the overall growth of the Gross Domestic Product (GDP).”

He pointed out that the campaign was anchored on imagining a Nigeria without crude oil and with no choice but to depend on non-oil export as the only means of survival.

He said the council had also commenced a series of programmes and initiatives to actualize the campaign, adding that these efforts are currently yielding positive dividends.

Specifically, the NEPC boss pointed out that the non-oil export sector recorded a significant upsurge in revenue, recording $4.82 billion in 2022 and representing an increase of 39.91 per cent over 2021 export value.

According to him, “This revenue is the highest value ever achieved since the establishment of the NEPC, 47 years ago, and is destined to change the economic trajectory of the country.”

Yakusak explained that the council believed with the right strategy and policies, the country could leverage Foreign Direct Investment (FDI) to develop its non-oil export sector.

He said, “We at the NEPC firmly believe that our survival as a nation depends on non-oil export. We, therefore, urge all Nigerians to join our #Export4Survival campaign train.”

Among other things, he said the current export-led growth strategy would provide producers with incentives to export their goods through various economic and governmental policies as well as increase the capability of producing goods and services that can compete in the world market, use advanced technology, and provide foreign exchange needed to import capital goods.

He added that exports can increase intra-industry trade, help the country to integrate with the world economy, and reduce the impact of external shocks on the domestic economy.

According to him, “Experiences of Asian and Latin American economies provide good examples of the importance of the export sector to economic growth and development, which led economists to stress the vital role of exports as the engine of economic growth.”