Federal Government says it is planning to grow Nigeria’s non- oil export revenue from ₦1.5 trillion to ₦5 trillion within 3 – 4 years.
The Executive Director/CEO Nigerian Export Promotion council (NEPC), Mr. Segun Awolowo, who made this disclosure during a round table Export and Exhibition on Export Competency Development Programme recently in Abuja, said it could grow over ₦10 trillion or $30 billion over the longer term, if it is supported by the government.
Awolowo further stated that Nigeria can earn about $13 billion yearly revenue by 2025 from Cocoa and is capable of attracting global players in the Sector through forward integration in global value chain.
According to him, findings from studies conducted by the Council in collaboration with the Applied Management Research Team of the University of California, Los Angeles last year confirmed that Nigeria can earn about $13 billion.
He explained that the export out look last year showed some positive developments as a lot of cashew plantations with jumbo varieties were springing up .
The NEPC CEO explained that from a raw cashew production of 150,000 tons, 15,000 tons are processed in Nigeria which is just 10 per cent. While in 2016 – 2017 a ton of raw cashew nut is sold at a maximum of $1,800, cashew kernels WW 320 sold between $9 to $10 per 1b, which is up to $22 per kilo.
He reassured that the Federal Government remained committed to the development of the economy.
Awolowo stated that recently the National Economic Management team established the National Committee on Export Promotion to ensure effective Co-ordination of the Zero Oil Plan in all the 36 states.
He said that Nigeria lost over $100 billion i.e ₦30 trillion of national export revenue between 2015 – 2017, due to the crash in oil price. He attributed the recent recession to a $30 billion to $40 billion annual deficit in Nigeria’s foreign exchange earnings of Nigeria arising from low oil price.