Nigeria's plans to drive non-oil exports

Nigeria's economy has long been heavily reliant on oil exports, with 90% of the country's earnings coming from the oil sector. However, with the fluctuating prices of oil in the global market leading to a decrease in revenue, Nigeria is now looking to diversify and drive non-oil exports to boost the economy. The Nigerian Export Promotion Council recently presented the Zero Oil Plan proposal, aimed at increasing production and productivity in key sectors with high export potential. In an interview with CNBC Africa, Segun Awolowo, the CEO of the Nigerian Export Promotion Council, shed light on the plan and Nigeria's efforts to drive non-oil exports. The focus is on tapping into the country's vast potential in sectors such as agriculture, petrochemicals, and manufacturing to create a sustainable source of foreign exchange revenue. One of the key strategies outlined in the Zero Oil Plan is to attract both local and foreign investment into manufacturing and industry, emphasizing the importance of value-added exports to generate income. The plan also addresses the need for strong infrastructure to support the growth of the local manufacturing base, with initiatives such as the creation of industrial parks across the country. These efforts are aimed at creating a conducive environment for exporters and driving economic growth through non-oil exports. The government has taken significant steps to improve export infrastructure, with recent executive orders focusing on streamlining export processes and enhancing facilities at ports to expedite the export of goods. These measures are expected to make the export process more efficient and attractive for businesses. Despite challenges such as power shortages, Nigeria has already seen some success in driving non-oil exports, particularly in the cement industry. With a shift from net imports to net exports of cement, the country is making progress in diversifying its export base. Recent statistics from the National Bureau of Statistics show a significant increase in external merchandise trade, indicating positive growth in non-oil exports. While there is still work to be done to overcome challenges and further boost non-oil exports, Nigeria's Zero Oil Plan presents a strategic roadmap for driving economic diversification and reducing dependence on oil revenue. The government's commitment to creating a favorable environment for exporters and investing in key sectors highlights its determination to unleash the full potential of non-oil exports and position Nigeria as a key player in the global market.