LBS FOOTPRINTS Feature
Positioning Nigeria as the preferred country of origin in exports By Adetokunbo Adewoyin (AgMP4)
As at 2016, the top 10 earners from agricultural commodities exports in the world which included USA, Brazil, Canada, India, Argentina, Australia and China earned about US$641 Billion, buttressing the massive earning potential from non-oil exports.
In 2015, faced with dwindling foreign exchange reserves and substantial reduction in the earnings from oil exports, the Nigerian government decided to diversify the economy away from oil through non-oil exports. This led to the development of the “The National Strategic Export Products (NSEPs)” which are divided into 3 broad categories as stated below: · Agro industrial – palm oil, cocoa, sugar, rice and cashew · Mining related – cement, iron ore/metals, auto parts/cars, aluminum · Oil & gas industrial products – petroleum products, fertilizer /urea, petrochemical and menthol.
First Issue 2021
The Nigerian Export Promotion Council (NEPC), which is charged with export promotion from Nigeria, is currently promoting 22 non-oil products under the zero-oil plan which will generate an estimated annual revenue of about US$30 Billion. It is important to note that generating this projected revenue from non-oil exports is premised on Nigeria's ability to attract buyers from around the world, and consistently record successful export transactions.
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