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AfCFTA: Nigeria targets 22 non-oil sectors to earn $30bn annually

  • To create 500,000 jobs

The Federal Government says it has identified 22 products from none oil sector from which the country can annually earn $30,000 billion and create 500,000 export oriented jobs annually.

This is coming after President Muhammadu Buhari signed the African Continental Free Trade Area (AfCFTA) Agreement  at the 12th Extraordinary Session of the Assembly of the Union on AfCFTA and the First Mid-Year Coordination Meeting of the African Union AU and the Regional Economic Communities (RECs) in Niamey, Niger Republic.

Nigeria is the 53rd state on the continent to append its signature to the document.

The Executive Director of Nigerian Export Promotion Council, Segun Awolowo, disclosed this to State House Correspondents at the weekend after briefing President Buhari.

The NEPC boss who briefed the President on the zero oil implementation plan after he was asked for an update said: “I briefed him on the setting up of national committee on export promotion by National Economic Council (NEC), chaired by the governor of Jigawa State and what we are working in order to diversify the economy.

What we hope to achieve is to raise more revenue for Nigeria from other sources. You know 90 percent of our revenue is from oil and we cannot survive. Even though oil prices are rising a bit because of Iran, there is problem there. But we should not rest on our oars because, those days of $140 per barrel is gone forever. So we have to  look inwards and produce more.

 The zero oil plan is about raising production and productivity, we identified 22 sectors where we can earn foreign exchange apart from oil. We are hoping that in the next 10-15 years we will be able to raise $150 billion from sources outside oil. That is what we are working on and we are galvanizing the whole states behind us in other to raise production and productivity. We are working with the relevant Ministries, Departments and Agencies (MDAs) to achieve this. You know the Central Bank of Nigeria CBN just announced an initiative on five of our products and giving them low interest rates to farm and raise production.

Awolowo said the sectors include cocoa, cotton, cement, leather, cashew, Sesame, Shea butter, palm oil, fertilizer, petrochemicals, rubber among others.

According to him, “Cocoa is an immediate win for us because, its been our number one none oil revenue making. But we are on less than 300,000 metric tons, Ghana is heading to 900,000, Cote d’ Ivoire almost two million metric. So, how do we compete? Meanwhile if you see the landmass in Nigeria you can imagine what we can do. Another sector is Shea nut, cashew is another breadwinner for us, so let’s raise production, let’s give our farmers, plantations low interest loan so that they can raise production for us. We are also looking at value addition for all because that is the way you create jobs, we cannot continue to sell the raw materials.

Awolowo who said he presented to President Buhari, some tomatoes and Bell peppers from a green house in Benin and  Casanovas, that is cassava chips from a cottage industry is producing in Idu Industrial Estate, that is already being exported to Germany, added: “That is the future for Nigeria. We are about to enter into  African Continental Free Trade Area (AfCFTA) Agreement, which is the biggest in the world, we don’t want to be a dumping ground and that is why Mr. President refused signing until we are ready. We must be competitive, we must produce more, and we must help our manufacturers get into this market.

”On packaging and substandard products, the NEPC boss said: “Our products are no longer substandard and we are exporting all over West Africa and Inter-land Africa. We have a few challenges here and there but I always tell people, the journey of processing raw materials to producing goods is not going to happen over night. We are going to have rejects but we will not succumb to them. Our packaging is improving and we are even packaging and labeling in different languages so we can get into those markets, particularly when Africa opens up for us now. For instance, you know we use to send our goods to West African countries but you know we are surrounded by Francophone countries and we don’t even label our products in French but now we are not even doing that.

”On plans to address the problem of storage and standard goods, Awolowo said: “To avoid wastage, we don’t have wastage with cashew because we are moving them through the ports and you are aware government has declared a state of emergency on Apapa Port. But in storage we are looking at aggregation centers and it is part of the zero oil plan. The  Nigerian Export Promotion Council have put two giant aggregators in place so that we can process in those. Processing is very important for us, if we are able to do that we will be exporting all those things.

Awolowo said President Buhari in his response promised to give continuous support to export.

He said: “I thanked him that we have paid the backlogs on the export expansion grant, that is an incentive that we give to exporters. We owed them for several years but we have reversed the whole system and the President approved to pay the backlog of N350 billion to them. The National Assembly has appropriated and approved N190 billion out of it so far and we are paying it through the Debt Management Office (DMO). They will get certificate which they will use to cover their loans, debts, pay AMCORN and pay taxes as well. “This is a government that is doing more with less revenue and that really is the message I want to get across.”

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Written by Per Second News

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