NEPC wants policies to enhance growth of non-oil sector

Abdullahi Sidi-Aliyu, the Acting Executive Director, Nigerian Export Promotion Council (NEPC) has called for the development and implementation of deliberate policies to enhance the productive growth of the non-oil sector in the country.

He gave the suggestion at a Stakeholders Forum on the validation of the guidelines on the new basket of incentives schemes (NBIS) held in Kano on Thursday.

According to him, the nation’s failure to diversify its economy from over-dependence on revenue from the oil sector has exposed the national economy to extreme vulnerabilities in the face of declining oil prices.

“The neglect and non-development of the critical sectors, especially the non-oil export sector, has turned the oil resources to a “‘source of the curse’,” he said.

The Executive Director said sustained effort must be made to substantially improve power, also provide other infrastructure including the building of industrial estates and other necessary incentives that would encourage prospective investors and enhance their competitiveness.

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He said since its establishment, NEPC has sought to make non-oil export a significant contributor to Nigeria’s GDP by facilitating exports to promote sustainable economic growth and development through its various programmes and activities.

He said it was in line with the overall economic agenda of the Federal Government to grow revenue from non-oil.

He added that the Council had taken this initiative to provide incentives to companies engaged in non-oil export business.

This, he said, was expected to stimulate interest and improve Nigeria’s non-oil export performance.

He noted that the Forum would offer stakeholders opportunity to review the draft guidelines on the new basket of incentives which is aimed at improving the performance of the non-oil sector of the Nigerian economy.

In his remarks, Mr George Enyrekpon, Director, Export Development and Incentives urged stakeholders and beneficiaries of the scheme to accord the meeting the importance it deserves.

The theme of the Forum is, “Reactivation of the New Basket of Incentives scheme: A Key Instrument for Economic Recovery and Sustainable Growth”.