EXECUTIVE Director of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo has praised the growth recorded by the National Bureau of Statistics (NBS) on Nigeria’s second quarter economic indices, saying that the growth recorded was evidence of sustained promotion of exports.
Awolowo, who was reacting to the figures released by the NBS on economic outlook in the second quarter of 2017, said that the sustained effort of the Buhari’s Administration at economic diversification is already paying-off.
The Chief Executive of NEPC declared in a chat with newsmen that reports from the NBS had shown that the country’s export earnings increased to the total value of N3.1 trillion in Q2 of 2017, which he said represents an increase of 3.2 per cent over the Q1 2017 record.
He said that the leap also showed a 73.48 per cent increase over the records reported for the second quarter of 2016.
Awolowo, while reacting to the Q2, 2017 report on Foreign Trade in Goods Statistics released by the NBS, told newsmen that the increase in Nigerian export earnings was a proof that the economy was on the path of sustainable development.
According to him, “This is proof that the economy has indeed recovered from recession and is on its way to sustainable growth as envisioned by the government in the recently launched of Economic Recovery and Growth Plan (ERGP).”
He noted that, “The economic slowdown which began in 2014 was mainly as a result of shortfall in Nigerian exports, which fell by more than N8 trillion a year due to the crash in oil prices.
“As expected, we therefore see a strong correlation between economic recovery and improved export trade, as exports increase, the economy improves.
“Current efforts by the government to accelerate the development of a more diversified economy, with emphasis on non-oil exports, has started to yield positive results.”
Awolowo further stated: “However, these efforts which have underpinned our recovery, demands more importantly now for all hands to be on deck in going forward with the significant economic reforms which lie ahead in the coming months and years in order to build a stronger and more vibrant economy.”
He added: “I am therefore happy for the achievement of trade surplus due to exports. You may recall that in the corresponding period in 2016, our trade balance stood at a deficit of N572.12 billion. The statistics (NBS report) released this week shows a trade balance surplus of N506.5 billion for Q2 2017. The Nigerian Export Promotion Council (NEPC) focuses entirely on leveraging the power of exports to transform the Nigerian economy, create jobs, lift people out of poverty, and strengthen the government’s finances. In Q2 2017, we see the continued strong performance of key agricultural products central to driving the future export agenda in the sector.”
Awolowo revealed that, “Cashew nuts alone earned Nigeria N13.5 billion, primarily exported to Vietnam, India, and Kazakhstan.”
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