The Nigerian Export Promotion Council (NEPC) has said that only forex earnings made from export of non-oil products will spur Nigeria’s sustainable economic growth,.
Its Chief Executive Officer Mr. Segun Awolowo made this known at the Quarterly Lecture organised by the former Director General of National Poverty Alleviation Programme (NAPEP), Dr Magnus Kpakol, in Abuja.
The lecture was titled: “Exporting, exchange rate and economic growth.”
Awolowo, who was represented by a director at NEPC, George Enyiekpon, a lawyer, said forex generated from remittance from Nigerian relatives abroad could not provide sustainable economic development for the country.
The NEPC chief also said it was obvious that crude oil was no longer profitable as it was before. He added that the non-oil export should, therefore, be focused on by the country.
While noting that Nigeria’s exchange rate violability started way back in the 1960s; not just in 2015, he urged the youths to focus on export as a business. According to him, this will not only enable them make ends meet, but also help the country garner much forex.
However, a senior lecturer in the Department of Political Science and International Relations, University of Abuja, Dr Mutiullah Olasupo, blamed Nigeria’s economic growth problem and her forex violability to corrupt leadership and lack of sound economic policies.
He said bad governance from corrupt leaders wreaked huge havoc on the country’s economy, adding that it would only take sincere and corrupt-free leaders to savage the economy.
Olasupo cited Malaysia, Singapore and South Korea as countries that were below Nigeria in terms of economic development in 1960s and 1970s, but through sincere leadership and good governance catapulted themselves to be among the economic buoyant countries far above Nigeria.
Kpakol said Nigeria could still get it right with economic decisions of the government. He said the Central Bank of Nigeria’s (CBN) policies on agriculture, which were being implemented across the country, were excellent decisions.
He said CBN’s agriculture policies would not only ensure food security, but are also capable of giving the country a sustainable and stable foreign exchange.