Home » Nigeria will cease dependence on crude oil soon-NEPC
Business Headlines News Nigeria

Nigeria will cease dependence on crude oil soon-NEPC

The Nigerian Export Promotion Council, NEPC, has given assurance that Nigeria will cease dependence on crude oil revenue in 10 years’ time.

The Executive Director of the Council, Mr. Segun Awolowo, stated this in Abuja while speaking with newsmen after his meeting with President Buhari.

He explained that in the next decade, Nigeria could get 30 billion dollars from non-oil export, notwithstanding the effect of the lingering COVID-19 pandemic.

According to Mr. Awolowo, Nigeria cannot depend on an economy that earns 90 percent revenue from crude oil, noting that the recurrence of recession cannot be ruled out in such a situation.

Acknowledging the President’s support to NEPC and the non-oil export sector, he recalled that prior to President Buhari’s approval of the new EEG Scheme, exporters and companies had to  lay off employees owing unpaid claims to the non-payment of 350 billion Naira incentives.

He said NEPC was also positioning to take advantage of the great potentials of the global services sector by working with the newly created Ministry of Communications and Digital Economy to achieve export inclusion for youths.

NEPC, according to him, has begun the implementation of the Export Expansion Facility Programme, EEFP, describing it as a phenomenal commitment by the Federal Government to non-oil exports, and the first of its kind in Nigeria’s history.

Mr. Awolowo observed that the biggest surprise had been Nigeria’s swift recovery from recession in the fourth quarter of 2020 and congratulated the president for his effort.

Leave a Comment

%d bloggers like this: