Nigeria’s Strength Lies In Export Of Services – NEPC Boss
The Managing Director and Chief Executive Officer, Nigeria Export Promotion Council, Segun Awolowo, says Nigeria has an advantage over other African countries in the export of services.
Awolowo said this at the Africa-China Trade Import and Export Showcase held virtually on Wednesday.
He said Nigeria’s relationship with China had grown over time as it was one of Nigeria’s top three export destinations.
According to him, some of the products Nigeria export to China include sea food, leather, rubber and cocoa beans.
The NEPC boss said for a long time, the country had abandoned the development of its agricultural products while relying solely on oil for its revenue.
However, he said the Federal Government had identified 22 non-oil products whose value chain would be developed for export as part of the zero oil plan.
According to Awolowo, the non-oil products have been divided into two categories.
He said, “Our strategy is to diversify the Nigeria productive base away from oil. Export of services is what Nigeria has the biggest advantage in Africa.
“We know we must increase production based on our comparative and competitive advantage. We have the capacity to overtake Ghana and Cote D’ivoire in export of cocoa products.”
Awolowo stated that the council developed the zero oil plan to prepare the country for a period when there would be no oil revenue and expand the non-oil sector.
He added that another initiative tagged ‘one state one product’ aimed to ensure inclusiveness of the Federal Capital Territory and the 36 states in the non-oil export.
The NEPC boss stated that Ghana had been identified as one of Nigeria’s strong export destinations, adding that the government planned to increase export of non-oil products to other ECOWAS countries.