National Revenue: Obi laments $16bn oil earning

Presidential candidate of the Labour Party, (LP), Peter Obi, on Wednesday, decried Nigeria’s revenue generation of $16bn from oil export and said the country has the capacity to earn over $300bn where it harnesses the huge economic opportunities.

Obi who said this when he appeared on Arise TV said manufactured products hold the key to a substantial boost to national revenue, enhance employment and better the economy.

“Vietnam with a quarter of our land, with 300,000 square kilometres of land. Half of our population of 100 million people, got a total export of $312 billion last year. And all were from manufactured goods.

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• National Revenue: Obi lament $16bn oil earning
• National Revenue: Obi lament $16bn oil earning

“Electronics was over $60bn clothing which we are doing in Aba and everywhere, $32bn footwear $23bn and we are earning $16bn from oil footwear that you can do everywhere in Onitsha, in Aba, in Kano.”

The Labour Party Presidential candidate said while these opportunities are here in Nigeria to be harnessed by mere exercise of political will, many businesses have been allowed to languish for a lack of due attention and support from the sub-national and national government to boost their capacities.

He pointed out that “Kano used to be a manufacturing centre. all the manufacturers in Kano are complaining. I visited the biggest rice processing plants in Kano last year, they need support.”

This he noted are what any serious government should be concerned about to support such business structures that build the economy.

He said MSMEs are contributing 60% – 70% of the economy because they are not being supported by the government, unemployment is everywhere in the world. They don’t have the power, even the big corporations are having problems with power as an issue.