The FG said Nigeria’s economic survival can only be ensured by not exporting oil

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Nigeria’s non-oil exports rises to $2.6 billion in H1 2022


The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Dr Ezra Yakusak, said the only way to guarantee Nigeria’s economy is through non-oil export.

Dr Yakusak disclosed this on Friday in a press briefing in anticipation of the NEPC Export Week scheduled to take place from November 21st -26th.

He added that NEPC wants Nigerians to realize that the only way to guarantee Nigeria’s economy is through non-oil export.

  • “So we started with a great sensitivity and renewed partnership with the private and public sector, not only at the national level but also at the sub-national level,” he said.

Export week: He noted that the export week will be implemented through a series of engagements with key stakeholders within the export community and the general public.

  • “Recently, precisely on April 26 and 27, 2022, the Council held its first National Conference on Non-Oil Export with the theme “Export for Survival: Optimizing Non-Oil Export Potentials in Nigeria”.
  • “The conference provides a real platform for stakeholders in the non-oil export sector to air ideas on current and emerging issues affecting the non-oil export sector. In this way, Export Week is a continuation of that interaction with critical stakeholders and discerning members of the public.

He added that the goal is to keep the “Export4Survival” campaign at the front burner of the national discourse using Export Week as a strategic information and communication tool to change narratives, citing that Export Week will help entrepreneurs especially Small and Medium Enterprises ( SMEs) looking for new opportunities in the sector.

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There was also the launch of the “Export4Survival” Campaign by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and a symposium with the theme “Strengthening the Non-Oil Export Sector for National Development”.

What you need to know: Remember Nairametrics reported that Nigeria recorded a total foreign trade of N12.84 trillion in the second quarter of 2022, representing a 32.2% increase compared to the corresponding period in 2021 (N9.71 trillion). However, compared to the previous quarter, it decreased slightly by 1.2% from N13 trillion).

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Nigeria earned N7.41 trillion from exports in the period under review, compared to N5.02 trillion recorded in the corresponding period in 2021. This shows a 47.5% increase year-on-year.

On the other hand, the import bill increased by 15.8% year-on-year to N5.44 trillion. Although compared to the previous quarter it decreased by 7.9%.

A further breakdown of the report shows that crude oil exports increased by 45.1% year-on-year to N5.91 trillion in Q2 2022, this is the highest on record based on data from the NBS. Also, non-crude oil export jumped by 58.2% year-on-year to N1.49 trillion.

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