The Federal Government has disclosed it is currently working on what it called zero oil plan that will see non-oil exports increasing to about N30 billion in 2025.
This would be achieved by scaling up production of petrochemical products to almost 10 million metric tons.
The Executive Director of the Nigeria Export Promotion Council, Mr. Olusegun Awolowo, made the disclosure in an interview with State House correspondents after a presentation he made to Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
He said the purpose of the delegation’s visit to the Presidential Villa was to get the Vice President buy-in into the new plan.
He said it was the council’s plan to help Nigeria out of the doldrums it is currently facing with a drop of revenue of over $30 billion.
Awolowo said the nation’s oil revenue has dropped from N70 billion to almost N40 billion, noting that that alone, can kill a country if the government was not careful.
He said: “We are the apex agency for the promotion of non-oil products in Nigeria. So, we have come up with this Zero oil plan, which we are getting the stakeholders’ buy-in all over, and which our minister will formally come and present to Mr. President.
“This is a plan that will say let us scale up production on many of the products, agricultural products and petrochemical products that Nigeria has comparative advantage and let’s take them out to the world and trade international.
“We are looking at 2025, increasing our non-oil exports now like N2.7 billion – 2014 figures. But we are going to come low in 2015, we know, because of all the challenges we faced.
“We are looking at scaling up our non-oil exports to almost N30 billion by 2025. So, the zero oil plan is what we must sit down to look at.”
This would be achieved by scaling up production of petrochemical products to almost 10 million metric tons.
The Executive Director of the Nigeria Export Promotion Council, Mr. Olusegun Awolowo, made the disclosure in an interview with State House correspondents after a presentation he made to Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
He said the purpose of the delegation’s visit to the Presidential Villa was to get the Vice President buy-in into the new plan.
He said it was the council’s plan to help Nigeria out of the doldrums it is currently facing with a drop of revenue of over $30 billion.
Awolowo said the nation’s oil revenue has dropped from N70 billion to almost N40 billion, noting that that alone, can kill a country if the government was not careful.
He said: “We are the apex agency for the promotion of non-oil products in Nigeria. So, we have come up with this Zero oil plan, which we are getting the stakeholders’ buy-in all over, and which our minister will formally come and present to Mr. President.
“This is a plan that will say let us scale up production on many of the products, agricultural products and petrochemical products that Nigeria has comparative advantage and let’s take them out to the world and trade international.
“We are looking at 2025, increasing our non-oil exports now like N2.7 billion – 2014 figures. But we are going to come low in 2015, we know, because of all the challenges we faced.
“We are looking at scaling up our non-oil exports to almost N30 billion by 2025. So, the zero oil plan is what we must sit down to look at.”
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