The Nigerian Export Promotion Council (NEPC) said it is targeting annual revenue of about N30.5 trillion from non-oil export through the implimentation of the recently prepared Zero Oil Plan. The Zero Oil Plan according to NEPC is a strategy fashioned to replace the nation's dependence on oil as the sole revenue base. The target of the plan is to grow the non-oil sector to contribute about 20 per cent of the country's Gross Domestic Product (GDP).
The plan identified 11 destination targets for the country's non-oil products. These products include Cocoa, Cashew, Rubber, Rice, Petrochemical, Leather, Ginger, Cotten, Shea Butter, Soya Beans and palm oil.
The document containing the Zero Oil Plan read “Nigeria’s trade has been largely driven by exports of petroleum products, which contribute about 17 per cent to the nation’s GDP, signifying about 90 per cent of total merchandise exports and more than 65 per cent of government’s income. This revenue boom has been threatened by a sharp drop in the global price of oil particularly as a result of the United States, introduction of the shale oil leading to severe economic stress.
“NEPC’s vision is to replace oil as a major national foreign exchange earner by growing non-oil export to $30bn in the next 10 years and eventually to $100bn annually based on its Zero Oil Plan” it added.
The Executive Director of NEPC, Segun Awolowo in a chat with newsmen said the plan was apt and timely, given the plunge in oil revenue occasioned by the volatility of the international market. He also expressed optimism that the plan, if effectively implimented would grow other sectors of the economy, increase the revenue base of the country and create jobs for the teeming population.
