Nigerian financial diversification on track – Osinbajo

Nigeria’s Vice President, Yemi Osinbajo has mentioned specializing in non-oil exports, with the Zero-Oil Plan actively promoted by the Nigerian Export Promotion Council (NEPC), Nigeria is on the correct path to financial diversification.

Osinbajo acknowledged this on Thursday throughout a courtesy go to to the Presidential Villa by a delegation from the NEPC led by its outgoing Govt Director/CEO, Mr Segun Awolowo.

In keeping with the Vice President, “we’re set on the correct path and I like the truth that we’re targeted on non-oil exports, and we face the challenges and we face them head-on.

“In the next few years, those of us who are policymakers and looking at the future, must, today, have a plan. In fact, we have set ourselves on an inevitable course of a zero-oil plan.”

The VP then counseled the outgoing NEPC CEO for his foresight, stating that “I really want to commend you for your foresight for putting in place a plan that is very well-structured and detailed.”

He mentioned, “it is very important to note that we are certainly getting away from the oil and gas era. In the past, we used to think that it will still take a while but today, with the circumstances and all of the various factors around the world (less dependence on oil, Climate Change, and COP), it is inevitable.”

He added that “public investments from the EU, from the multilateral organizations for oil and gas, are fizzling out.”

Talking on the efforts put in place by the NEPC to make sure that the aims of presidency have been realized, the VP famous that “the Export Expansion Facility Programme (EEFP) is a natural progression for the Zero-Oil Plan.”

“If you say you have a zero-oil plan, then you must have a way of improving exports in particular because oil is our major foreign exchange earnings. So, if you are going to replace it, then you must have a robust plan, and I think that the EEFP is an incredibly wide door for exports in our country,” the VP added.

Osinbajo, nonetheless, tasked stakeholders within the sector to brace up for the challenges forward, stating that “the years to come will test our resolve even more because we are going to be challenging ourselves the more.”

Earlier, Awolowo gave an outline of the EEFP which he mentioned has been essential to the financial diversification agenda of presidency, disclosing important enhance in non-oil revenues at over one trillion naira which is now 15% above goal.

Awolowo praised the help the Council loved from the President and the Vice President within the discharge of its mandates and famous that it enabled the “NEPC to significantly re-energize the country’s non-oil exports.”

In keeping with him, “for instance, the Export Development Fund of the NEPC has been activated for the first time under the Buhari administration through the Economic Sustainability Plan.”

He mentioned that via the actions promoted by the Council, Nigeria is on monitor in rising its non-oil sector, and urged all stakeholders to not relent of their efforts.

Mr Awolowo who’s finishing his tenure as NEPC’s ED/CEO was accompanied on the go to by the administration and a few workers of the Council.

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