THE Managing Director of Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, has stated that the Zero Oil export business initiative can earn Nigeria well over $25 billion in 10 years if the country sticks to the plan.
Mr Awolowo also revealed that sugar, which is one of the exporting products, is a $60 billion industry, stating that five per cent market would earn Nigeria about $3 billion annually.
He gave an expansive insight into the affairs of NEPC and exporting business in a Tweet Chat organised by Tribune Online on Wednesday.
Mr Awolowo highlighted that the six geographical zones in the federation have products being contributed to the export market, ranging from rice, cotton, leather, gold (in North West), soya, sugar (in the North Central), petrochemicals, palm oil and rubber (in South South), palm oil, gold, coal (in South West) and cocoa and petrochemical (South West).
He also hinted that the Zero Oil initiative is the next big thing, adding that “It is important to remember that this is a long term strategy; a marathon, not a sprint.
“We must rebuild economic linkages, access new markets and make sure there is strong collaboration between public and private sectors.
“We must reconstruct defunct supply chains within the country; increase our agric capacity and our transportation networks too.
“Nigeria is one of the most socially and culturally diverse countries in the world and our arts and crafts and artisans are a valuable asset,” he said.
Mr Awolowo further inputted that “Petrochemicals and methanol alone is a $150 billion industry; a five per cent market share means Nigeria can earn $7.5billion in just this sector.
While speaking on the involvement of women in export business, Mr Awolowo enthused that “Nigeria cannot succeed without women, stating that women are the backbone of the economy.
“A large percentage of women are already enlisted in the scheme and we hope to integrate about a million women into the initiative. We have the SheTrade platform for women interested in international trade.”
Mr Awolowo acknowledged that the Tweet Chat, which was the first NEPC will be involved in, is one of the many ways, the organisation intends to reach out to Nigerians.
He stated that NEPC, in partnership with the National Quality Infrastructure Project, together with other agencies and the private sector are modalities put in place to rid substandard products of the market.
“We have to improve the quality, safety and integrity of Nigerian goods at home and abroad. The purpose is to improve the quality of products and services traded in Nigeria, regionally and internationally.
“The National Quality Infrastructure Project is how we intend to work on this with other agencies and the private sector. This Twitter chat is just one of the many ways we intend to get the message of NEPC to Nigerians near and far,” he stated.
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